MSB License Regulation in Wisconsin

Regulator of MSB license in Wisconsin

Wisconsin Department of Financial Institutions

Documents required for application:

• Financial Requirements:
• Net worth of $100,000 plus positive net working capital.
• Financial statements including balance sheet and income statement.
• Identification and Contact Information:
• Identifying information of the applicant.
• Contact person and their details.
• License and Business Details:
• List of states where MSB license is held.
• Location of records relating to the seller of checks company.
• Date and state of incorporation, Federal Tax ID or Social Security Number.
• Key Personnel Information:
• List of key officers, members, partners, or owners.
• Education and employment history of key personnel related to the seller of checks industry.
• Individual background information for key personnel.
• Financial Statements:
• Certified financial statements including balance sheet and income statement.
• Independent public accountant audited financial statement of the most recent fiscal year.
• Personal financial statements for sole proprietors and partners.
• Agent Details:
• List of authorized agents if applicable.
• Additional Documentation:
• Certificate of Good Standing from the state of incorporation.
• Samples of checks, receipts, and agent authorizations.
• Signed and notarized affidavit.

Cost Involved

• Application Fees:
• $500 application fee plus $5 for each additional location, up to $1,500.
• $300 nonrefundable fee for application investigation.
• General Bonding Requirements
• Surety bond of $10,000 plus an additional $5,000 for each location, up to $300,000.
• Aggregate liability of the surety will not exceed the principal sum of the bond.

Process of application

• Register with FinCEN:
• Ensure your money services business is registered with FinCEN.
• Create NMLS Account:
• Create an account on the Nationwide Multistate Licensing System (NMLS).
• Check DFI Website:
• Visit the Wisconsin Department of Financial Institution’s website for updates.
• Gather Required Documents:
• Gather all necessary documents as outlined above.
• Pay Fees and Submit Application:
• Pay all required fees and submit the application through the NMLS.
• Application Review:
• Await the review of your application, which may take an estimated three to four months.
• Final Approval:
• Once approved, fulfill any remaining requirements and receive your money transmitter license for Wisconsin.