Vermont Money Transmitter License Overview
Vermont Money Transmitter License Regulator
The money transmitter license for Vermont is regulated by the Vermont Department of Financial Regulation.
Who Should Apply for a Money Transmitter License in Vermont?
Any company or person who engages in the business of selling or issuing payment instruments, selling or issuing prepaid access, or receiving money or monetary value for transmission to a location within or outside of the United States. A licensed money transmitter may also engage in check cashing or currency exchange without obtaining a separate Check Cashing & Currency Exchange License.
All other locations, including limited stations and mobile units, owned and operated by the applicant must be separately registered and must submit a Branch Form (MU3) application through NMLS to obtain such registration.
Documents Required to Apply for Vermont MTL
The documents applicants must submit to apply for a money transmitter license in the state of Vermont are as follows:
- Other Trade Name
- List of proposed Vermont Branch Locations
- The legal name and address of the clearing bank or banks that will be used by the Applicant.
- Financial Statements
- Business plan
- Certificate of good standing
- Management Chart
- Organizational (Ownership) Chart/Description
- Anti-Money Laundering Program (AML)/Office of Foreign Assets Control (OFAC) Policy
- Information Technology security
- Electronic Surety bond
- FBI and Vermont Criminal Background Check (CBC) Requirements
- Third Party Investigative Background Checks if the applicant does not reside or has not resided in the US for the past five years
- Authorized Agents (Delegates) Locations
- Sample authorized delegate contract
- Sample form of all payment instruments to be used in Applicant’s business
Depending on your case, the regulator might ask to submit additional documents. You can find a list of required documents here.
Vermont Money Transmitter Cost
The whole license will take approximately 3 months to complete.
Step-by-Step Guide to Obtain a Money Transmitter License in Vermont
- Register with FINCEN. In order to be eligible for a Vermont MTL, you need to be registered with the Financial Crimes Enforcement Network.
- Meet the basic requirements. According the Vermont law, your money services business needs to have a minimum tangible net worth of $100,000 and a surety bond of the same amount to register for a Money Transmitter License.
- Create an NMLS account. All applications for MTL in Vermont have to be done through the Nationwide Multistate Licensing System so you’ll need to create an account on the site.
- Prepare a list of all the required documents. Get all documents needed to apply for the license such as your business plan and flow of fund and upload alongside your application.
- Pay the requisite fees.
- After all the above steps are complete, the application will take an estimate of 3 months to be approved.
This page was last updated on August 29, 2022.