Basic Information about Money Transmitter License in Nevada
To operate as a money transfer operator in Nevada, you are required to obtain a money transmitter license.
According to the Nevada Statute:
A person shall not engage in the business of selling or issuing checks or of receiving for transmission or transmitting money or credits unless the person is licensed.
Check means any check, draft, money order or other instrument used for the transmission or payment of money. Check does not include a traveler’s check.
NV Money Transmitter Regulator
The Division of Financial Institutions of the State of Nevada – Department of Business and Industry is responsible for regulating money transmitters in the state
Documents Required to Apply for a Money Transmitter License in Nevada.
When applying for a money transmitter license in Nevada, you will have to submit the following documents:
- Audited Financial Statements
- Location of Authorized Delegates
- Other trade name (if operating under a different name)
- Registered Agent
- Primary contact employees
- Bank account information
- Credit Report
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Individual FBI Criminal Background Check
- Flow of Funds
- Formation documents
- Management Chart
- Organizational Chart
Please note that this is not an exhaustive list and based on your case, you may be required to submit additional documents. You can find a complete list of documents here.
Money Transmitter License Cost in Nevada
The PDF below lists all the costs in detail and also includes our professional charges for assisting you in applying for a money transmitter license in Nevada.
Step by Step Guide to Obtain a Money Transmitter License in Nevada
Here’s a step-by-step guide to help you apply for a money transmitter license in Nevada.
How to Get a Nevada Money Transmitter License
- Register with FinCEN
In order to apply for a money transmitter license, you must register your money services business with FinCEN.
- Go through the NV License Regulator Website
The money transmitter license section on the official website of the Division of Financial Institutions contains all required information for first-time license applicants.
- Read through the Nevada Statute
Nevada Revised Statute 671 is an essential read for anyone intending to apply for a money transmitter license.
- Fulfill Additional Requirements as Stated by Nevada Statute
According to NV law, every applicant who intends to carry out money transmission business in the state should:
i. Be at least 21 years of age.
ii. Be a US citizen or legally entitles to remain and work in the US.
- MTL Application Forms
You will have to fill in the following forms when applying for a money transmitter license in Nevada for the first time. You can find these forms here.
i. Initial Addendum and Checklist
ii. MTL Application
iii. Bond Form
iv. Personal History Record
- Gather all your documents
Complete and gather all the necessary documents that are required for the application.
- Money transmitter license fee
1. NV Application and Survey Fee: US$ 500 (non-refundable)
2. Annual Assessment Fee: Not less than US$ 200 and not more than US$ 400.
- Surety bond for Nevada MTL application
Each licensee is required to pay a minimum surety of US$ 10,000 for each location and an additional US$ 5,000 for every additional location or agent. Surety bonding for Nevada MTL application is capped at US$ 250,000.
- Net Worth for NV License Application
The net worth for each applicant should exceed US$ 100,000.
- Submit your application
After you’ve fulfilled all the above requirements, complete and submit your MTL application to the State’s Division of Financial Institutions.
- Wait for a decision
Your application will be investigated and scrutinized by the Commissioner. Based on your financial condition, business experience, and personal information, you will either be granted a license or your application will be denied.
Time Required to Obtain an NV Money Transmitter License
Based on the complexity of your application, it will take somewhere between 6 to 8 months to obtain a license.
This page was last updated on August 29, 2022.