Ohio Money Transmitter License Overview
Who Handles The Licensing For Ohio?
The Ohio money transmitter license is essential for any business or entity that wants to offer its services in the state. Operating without a license is a crime and liable to huge fines and even imprisonment for offending parties.
The Nationwide Multistate Licensing System & Registry (NMLS) handles all new license applications for money transmitter services in OH. The NMLS Resource Center provides a wealth of information for new businesses who want to know the details.
Ohio State Regulator
The Ohio Division of Financial Institutions regulates the money transmitter licensees and all other matters pertaining to the industry.
Who Needs a License In Ohio?
Any money transmitter offering services in Ohio needs to get a license to operate legally. The state of Ohio defines money transmitters as:
a person who is located in or doing business in this State and who directly or through authorized sellers does any of the following in this State:
(1) Sells or issues payment instruments.
(2) Engages in the business of receiving money for transmission or transmitting money.
(3) Engages in the business of exchanging, for compensation, money of the United States Government or a foreign government to or from money of another government.
Ohio Money Transmitter License Fee
Application for the Ohio MTL requires an application fee of $5,000. You also need to have a minimum tangible net worth of $500,000.
Surety Bond for Ohio MTL Application
A surety bond will need to be submitted electronically with your application. The amount $300,000 or premiums of $7,500.
A Guide to Applying Money Transmitter License in Ohio
- To apply for a Money Transmitter License in the US, your business needs to be registered with FINCEN.
- To find out the specific requirements for the state of Ohio you are advised to visit the websites of the Ohio Division of Financial Institutions as well as the Nationwide Multistate Licensing System.
- Collect all the required documents such as your business plan and your bank account details in preparation for your application. Create an account on the NMLS website and go through the application process.
- Make sure you have paid all the fees required for the application to be successful
- Wait for approximately 6 months for your license application to be approved by the state of Ohio.
This page was last updated on June 2, 2023.