MSB License Regulation in California
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Regulator of MSB license in California
Department of Financial Protection and Innovation (DFPI)
Nationwide Mortgage Licensing System handles all new license applications
Cost Involved
- For a new money transmitter license in California, the fee is $5,000 NON-REFUNDABLE.
- In case of re-application you’ll have to re-submit the $5000
- Additionally, there is a $15 cost for each control person.
- California requires new MTL applicants to have a minimum tangible net worth of $500,000.
- To obtain a license in this state, you must also submit a surety bond. The amount must range from $250,000 to $7,000,000.
Process of application
Following is the entire application procedure for money services businesses operating in California:
- General Information
- License Fees
- Complete the requirements of NMLS.
- Upload the Requirements/Documents to NMLS
- Complete the documents for other fields outside of NMLS.
More information could be found at the link https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=CADOC
It will take minimum a year to get the license if all requirements are met.
State Base MSB Regulations
