Georgia Money Transmitter License Guide

In the state of Florida, any LLC, limited liability partnership, or foreign entity engaged in the money transmission business is required to obtain a Money Transmitter license. Licensees are authorized to receive monetary value, currency, or payment instruments for transmission purposes.

Money Transmitter licenses are regulated and issued by the Florida Office of Financial Regulation - Financial Institutions Division . The license application process is handled by the Office of Financial Regulation's Online Services.

You can find all applicable forms online via the Georgia NMLS page.

The GA Money Transmitter license application checklist is available here.

• Company Form (MU1): In NMLS, the MU1 form serves as the Money Transmitter license application.

• Financial Statements: Applicants may be required to submit financial statements upon request by the Department of Banking and Finance.

• Authorized Agents (Delegates) Locations: Once the license is approved, applicants must submit a list of agents authorized to engage in money transmission business on behalf of the licensee. The list must be uploaded via the NMLS Uniform Authorized Agent Reporting functionality .

• Other Trade Name/DBA: List any names (different from your legal name) that you operate under.

• Resident/Registered Agent: List your resident/registered agent. Note that the agent for service of process must be located within Georgia.

• Primary Contact Employees: Provide information regarding your primary company contact and primary consumer complaint contact.

• Disclosure Questions: Upload a document including complete and detailed explanations for each “yes” response under this section.

• Formation Documents: Provide state-certified copies of the applicable documentation. Sole Proprietorships are not required to submit Articles or Certificate of Authority, instead the business name should be filed under “Other Trade Name”.

• Certificate of Authority/Good Standing Certificate (Foreign Corporations): The document must be state-issued and approved.

• Business Plan: Submit a detailed business plan including products/services, target market, marketing strategies, plans to use authorized agents, fee schedule, and operating structure.

• Management Chart: Upload a management chart showing the directors and officers, and identifying compliance reporting and internal audit structure.

• Ownership Chart/Description: Upload a chart or description showing the ownership percentage of direct/indirect owners, subsidiaries, and affiliates of the applicant.

• Flow of Funds Diagram and Description: Describe the flow of funds/transactions from start to finish in the form of a diagram and/or description.

• Credit Report: Persons in position of control must authorize a credit report through NMLS. They must also complete an Identity Verification Process (IDV) together with an individual attestation.

• Control Person (MU2) Attestation: The completed individual (MU2) form must be attested by the applicable control person before submitting it together with the Company (MU1) form.

• MU2 Individual FBI Criminal Background Check: Persons with control (such as ultimate equitable owners and executive officers) must authorize a FBI criminal background check via NMLS.

• Verification of Lawful Presence within the United States (MU2): Any one of the owners/officers listed on the MU1 (Company) form must complete the company affidavit .

State Background Check Authorization (MU2): Control persons – listed on the MU1 (Company) form – must provide an executed, original copy of the GA Background Authorization form . This form gives consent for a criminal history record check.

Applicants for a GA Money Transmitter license are required to submit an electronic surety bond via NMLS. The principal sum of the bond is $100,000. If required by the Department, however, the bond may increase to a maximum of $2,000,000.

All fees are non-refundable and non-transferable.

• GA Application Fee: $900

• Investigation Fee: $250

• Credit Report for Control Persons: $15 (per control person)

• FBI Criminal Background Check (MU2): $36.25 (per person)

• Uniform Authorized Agent Reporting Processing Fee (Annual): $0.25 for each active authorized agent/delegate location (for companies with more than 100 active agents)

All license applications must be submitted online via NMLS , along with the surety bond and fees.

For assistance or more information regarding the license requirements, please contact the Department at MSB@dbf.state.ga.us or (770) 986-1136.

For questions regarding NMLS, you may contact their call center at (855) 665-7123.