Michigan Money Transmitter License Overview
Who Controls the Michigan Money Transmitter License?
The Michigan Department of Insurance and Financial Services issues a Money Transmitter License for all entities providing money transmission services. “Money transmission services” is defined as the selling or issuing of payment instruments or stored value devices or the receiving of money or monetary value for transmission.
Activities Authorized by the Michigan Money Transmitter License
The Michigan license 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
Michigan Money Transmitter License Net Worth and Surety Bond
To acquire a Money Transmitter License in Michigan, you need a minimum tangible net worth of $100,000. You shall also be required to submit a surety bond of $500,000 or a premium in the amount of $12,500.
Michigan Money Transmitter License Cost
The table below summarizes the costs associated with acquiring a Money Transmitter License in the state of Michigan. The process will take approximately three months.
How Much Time Will It Take to Acquire a Money Transmitter License in Michigan
Getting a Michigan MTL takes approximately 3 months if the application is done right. Make sure your Money Services Business is registered with FINCEN before applying for the MTL. Then read through the requirements you need to meet for your application to be valid. The best source for this information is the websites of the Michigan Department of Insurance and Financial Services and the Nationwide Multistate Licensing System. After gathering all the documents you require to make the application, make an NMLS account and fill in the application.
This page was last updated on September 22, 2022.