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Nebraska Money Transmitter License

Nebraska Money Transmitter License Overview

Who Regulates Money Transmitter Licenses in Nebraska?

According to the Nebraska Monetary Transmission Act, money transmitters operating in Nebraska are required to obtain a money transmitter license with the Nebraska Department of Banking and Finance. This includes businesses involved in the issuance/sale of payment instruments or receiving money for the purpose of transmission.

Nebraska Money Transmitter License: Documents Required

In order to apply for a license in Nebraska, you will need to submit the following documents along with your application in NMLS:

  • Audited Financial Statements
  • Location of Authorized Delegates (if applicable)
  • 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
  • Company Staffing & Internal Policies
  • Sample contracts for consultants, or any third-party providers, and sample contracts of authorized agents, money transmission contracts.
  • Flow of Funds
  • Company formation documents
  • Organizational Chart
  • Surety Bond
  • Verification of Experience

There are a host of other documents that you might be required to submit, depending on your case. You can find them here.

Nebraska Money Transmitter License Cost

In order to apply for a money transmitter license in Nebraska, you need to pay an application fee of $1,000, be able to demonstrate a net worth of $50,000, have $2,500 in surety bonds premiums, and a few other government-related fees.

How to Apply for a Money Transmitter License in Nebraska?

  • Make sure your MSB is registered with Financial Crimes Enforcement Network (FinCEN) to be eligible to get MTL.
  • Then, visit the Nebraska Department of Banking and Finance and NMLS website, and read through the requirements.
  • Create and NMLS account and submit your application. Follow their guidelines on how to upload the required documents such as financial statements and FINCEN registration details.
  • Pay the requisite fees as explained in the cost table above.
  • Submit your application
  • Wait for up to 3 months to receive your license.

This page was last updated on August 29, 2022.