Utah Money Transmitter License Overview
Who Regulates the Money Transmitter License in Utah?
The regulator that governs the money transmitter license in Utah is the Utah Department of Financial Institutions (DFI). The state handles MTL applications through the Nationwide Mortgage Licensing System (NMLS). NMLS handles all new license applications, fee submissions, and all other related matters. The checklist fully explains the whole application process for money services businesses operating in Utah and includes the following:
- General Information
- License Fees
- Requirements that will be completed in NMLS
- Requirements/Documents that will be Uploaded in NMLS
- Requirements that will be submitted outside of NMLS
Activities Authorized by the Utah Money Transmitter License
The license is required for any company transacting in the sale or issuance of a payment instrument or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including payment instrument, wire, facsimile, or electronic transfer. It authorizes the following activities:
- Electronic Money Transmitting
- Issuing traveler’s checks
- Selling traveler’s checks
- Issuing money orders
- Selling money orders
- Bill paying
- Issuing and/or selling drafts
- Issuing prepaid access/stored value
- Selling prepaid access/stored value
Money Transmitter License Utah Net Worth and Surety Bond.
Utah requires a minimum tangible net worth of $1,000,000 for new MTL applicants. You shall also be required to submit a surety bond in the amount of $50,000 or premiums worth $1,250.
Utah Money Transmitter License Cost and Estimated Timeline
The whole process takes approximately 3 months to complete.
Steps to Obtain a Money Transmitter License in Utah
In order to obtain a money transmitter license in Utah, you should follow these steps:
- Register your money services business with the Financial Crimes Enforcement Network.
- Create an account with NMLS. All applications must be done electronically through the Nationwide Multistate Licensing System.
- Read through the Utah Department of Financial Institutions website to understand all the requirements as well as notice any updates.
- Submit your application alongside required documents such as the Certificate of Good Authority and Flow of Funds documents.
- Pay the requisite costs and wait approximately 3 to 6 months for approval.
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This page was last updated on May 31, 2023.