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 MTL: 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 an 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 May 31, 2023.
–