Oklahoma Money Transmitter License Overview
Oklahoma Money Transmitter License
Getting a money transmitter license in Oklahoma, much like the rest of the states, involves a whole lot of hard work, investment, and meticulous planning. The whole process can take anywhere between one month to 6 months if you want to be approved on your first try.
And that is just the pre-application process.
Let’s take a look at what is involved in the whole process of applying for an Oklahoma money transmitter license.
Who Is the State Regulator For Oklahoma?
The Oklahoma Banking Department is responsible for the supervision and management of all licensees and related matters in the industry.
Who Processes New MTL Applications In Oklahoma?
The Nationwide Multistate Licensing System & Registry (NMLS) manages all license applications through its online portal.
Who Needs a Money Transmitter License in MA?
Similar to other state definitions, Oklahoma also classifies anyone who receives or transmits money to or from an OH resident as a money transmitter. If you or your business is selling or issuing checks and/or money orders, you are required to get a license.
Oklahoma Money Transmitter License Fees
To obtain the OK MTL license you must pay an application fee of $5,000 and have a minimum tangible net worth of $275,000. You also need to submit a surety bond in the amount of $200,000 or premiums worth $5,000.
Step by Step Guide to Obtain Money Transmitter License in Oklahoma
- Register or update your MSB’s registration with the Financial Crimes Enforcement Network. You will not be eligible to apply for this license otherwise.
- Read through the requirements for the Oklahoma Money Transmitter License on the regulator’s website as well as the Nationwide Multistate Licensing System where the application will be done.
- Prepare all the required documents for your application process to go smoothly. Then create an account on the NMLS site and submit your application as well as your documents.
- Pay the all the requisite fees.
- Patiently wait for license approval. It takes approximately 3 to 4 months for the application for Oklahoma’s Money Transmitter License to be approved.
This page was last updated on August 29, 2022.