Wisconsin Money Transmitter License Overview
Wisconsin Money Transmitter License License
The Wisconsin Department of Financial Institutions issues a license referred to as Seller of Checks License. This license is required for companies that engage in business as a seller of checks. A seller of checks means a person who, as a service or for a fee or other consideration, engages in the business of selling and issuing checks, or the receiving of money for transmission or the transmitting of money or the transmitting of money to foreign countries.
Activities Authorized by the Wisconsin Money Transmitter License
This license authorizes the following activities.
- Electronic Money Transmitting
- Issuing and/or selling travelers’ checks
- Issuing and/or selling money orders
- Issuing and/or selling drafts
- Bill Paying
- Issuing and/or selling prepaid access
- Other Money Services
Wisconsin Money Transmitter License Net Worth and Surety Bond
To acquire a Seller of Checks License in Wisconsin, you need a minimum tangible net worth of $100,000. You shall also be required to submit a surety bond of $10,000 or a premium in the amount of $ 250.
Wisconsin Money Transmitter License Cost
How Can I Apply for a Money Transmitter License in Wisconsin?
The process to acquire Wisconsin’s Seller of Checks License is quite simple if you have the time and money required. Your money services business must be registered with the Financial Crimes Enforcement Network (FINCEN) for you to be eligible to apply for this license. The State of Wisconsin only takes applications made through the Nationwide Multistate Licensing System (NMLS) so you will need to create an account there. You should also visit the Wisconsin Department of Financial Institution’s website and check for any updates. After having all the information needed, you should gather all the documents required, pay all the required fees and submit the application. The application will take an estimated three to four months to be approved.
This page was last updated on September 23, 2022.