Mississippi Department of Banking
and Consumer Finance

Money Transmitter

Money Transmitter Licensing Information

 

For companies wishing to provide Money Transmitting services in the state of Mississippi, both applications and renewals are completed through the Nationwide Mortgage Licensing System (NMLS). Please click on the link below in order to be transferred to their website. If you have any questions during the application or renewal process through NMLS, please contact the NMLS Call Center at 1-855-NMLS-123 (1-855-665-7123). 

NMLS Website

License period is April 1st to March 31st and is not pro-rated for application made during the license period.

Minimum Requirements

  1. Investigation fee of $50 plus $750 initial license fee; $400 renewal license fee plus $50 for each additional location not to exceed $1,000
  2. Financial Statement reflecting a net worth of at least $25,000 plus $15,000 for each location in excess of one at which the applicant proposes to conduct money transmissions in this state; max required net worth is $250,000
  3. Surety Bond in the principal sum of $25,000 or in an amount equal to outstanding money transmissions in Mississippi, whichever is greater, but in no event shall the bond exceed $500,000. In lieu of a corporate Surety Bond, applicant may provide proof of a government bond or CD equal to required amount
  4. Registration with the Mississippi Secretary of State as required by law
  5. List of locations
  6. Sample of instrument(s) sold
  7. MSB FinCEN registration
  8. Certificate of good standing from state originally incorporated
  9. If a corporation, copy of Articles of Incorporation (with amendments). If LLC, Articles of Organization and Operating Agreement
  10. Fingerprint cards for each direct owner with at least 10% of the voting or outstanding shares of the corporation (except publically traded companies) and executive officers with significant oversight duties of the business. The fingerprint cards should be mailed to the Department at:

    Department of Banking and Consumer Finance 
    P.O. Box 12129 
    Jackson, MS 39236-2129

 

Off-site Examination Packets

  • Off-site Examination Packet
  • Off-site Examination Packet


  • If you have any questions, please call (601) 321-6901