Kentucky Money Transmitter License Overview
Who Controls the Kentucky Money Transmitter License?
The Kentucky Department of Financial Institutions issues a Money Transmitter License to any entity engaging in the business of receiving money or monetary value to transmit, deliver, or instruct to be transmitted or delivered, money or monetary value to another location inside or outside of the United States by any and all means, including but not limited to wire, facsimile, electronic transfer, or issuing stored value
Activities Authorized by the Kentucky Money Transmitter License
The Kentucky MTL authorizes the following activities:
- Electronic money transmitting
- Issuing traveler’s checks
- Selling traveler’s checks
- Issuing money orders
- Selling money orders
- Bill paying
- Issuing and/or selling drafts
- Issuing prepaid access/stored value
- Selling prepaid access/stored value
- Other – money services
Kentucky Money Service License Net Worth and Surety Bond
To acquire a Money Transmitter License in Kentucky, you need a minimum tangible net worth of $500,000. You shall also be required to submit a surety bond of $500,000 or a premium in the amount of $12,500.
Kentucky Money Transmitter License Cost
The PDF below summarizes the costs associated with acquiring a Money Transmitter License in the state of Kentucky. The process will take approximately three months.
This page was last updated on September 22, 2022.