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Mississippi Money Transmitter License

Mississippi Money Transmitter License

Who Regulates The Money Transmitter License in Mississippi?

Getting a Mississippi Money Transmitter License is required for anyone involved in the sale or issuance of checks or of receiving money or monetary value for transmission to a location within or outside of the United States by any and all means.

The regulator that governs the money transmitter license in Mississippi is the Mississippi Department of Banking and Consumer Finance.

The Nationwide Mortgage Licensing System handles all new license applications, fee submissions, and all other related matters. You can find application instructions and other details on this page which also provides a checklist for new license applicants.

The checklist fully explains the whole application process for money services businesses operating in Mississippi and includes the following:

  • General Information
  • License Fees
  • Requirements that will be completed in NMLS
  • Requirements/Documents that will be Uploaded in NMLS
  • Requirements that will be submitted outside of NMLS

Mississippi Money Transmitter License Cost

When you are filing an application for a new money transmitter license for Mississippi, there is an investigation fee of $50 and a $750 initial license fee. Each additional location is charged $50, not to exceed $1000 and the license renewal fee is $400.

Mississippi Money Transmitter License Compliance Program & Other Allied Costs

If you have gone through the checklist linked above, you will notice there is a large section that details all the AML and Compliance-related documents that an applicant will need to submit.

In order to comply with these, you will not only need a full-time compliance officer but also a detailed and properly fleshed-out compliance program that includes everything from your management structure for compliance reporting to an explanation of how you will handle OFAC requirements.

This kind of program can cost anywhere between $30,000 to $90,000.

Money Transmitter License Mississippi Net Worth

Mississippi requires a minimum tangible net worth of $25,000 plus $15,000 for each location in excess of one at which the applicant proposes to conduct money transmissions in this state; max required net worth is $250,000

Mississippi MTL Surety Bond

You will also be required to submit a surety bond of $25,000 or in an amount equal to outstanding money transmissions in Mississippi, whichever is greater, but in no event shall the bond exceed $500,000. In lieu of a corporate Surety Bond, applicant may provide proof of a government bond or CD equal to required amount

How Much Time Will It Take To Get an MTL In Mississippi?

It will take about 3 months to acquire a Mississippi Money Transmitter License.

If you want to apply for an MTL yourself, we recommend you read the Frequently Asked Questions (FAQ) for becoming a money transmitter in Mississippi before you dive into the application process.

Mississippi Money Transmitter License Cost

How Can I Obtain a Money Transmitter License in Mississippi?

  • Make sure your FINCEN registration is up to date before you apply for an MTL in the State of Mississippi.
  • To make your application process as smooth as possible you should visit the websites of the Mississippi Department of Banking and Consumer Finance as well as the Nationwide Multistate Licensing System to understand the state’s requirements
  • Create an NMLS account. Fill in your application and upload the required documents.
  • Pay all the requisite fees and submit your application
  • Wait for approximately 3 months for your license application to be approved.

This page was last updated on September 23, 2022.