MSB License Regulation in North Carolina

Regulator of MSB license in North Carolina  

North Carolina Office of the Commissioner of Banks (NCCOB).

Documents required for application

Requirements vary depending on whether the entity is registering as a general money transmitter or a corporation.

General money transmitter

• Net worth proof of $250,000.
• Application fee of $500 and an initial license fee of $1,000, with an additional $10 for each location, up to $5,000.
• Background information, including personal details and address.
• Details of any convictions or material litigation within the past ten years.
• Description of previously provided money services and intended services within North Carolina.
• List of proposed authorized delegates and their locations.
• Disclosure of other state licenses and any associated disciplinary actions.
• Sample forms of contract and payment instruments.
• Bank contact information for payment instrument processing.
• Pre-filing meeting scheduling with Non-Depository Division money transmitter staff.

Corporate money transmitters

• Registering as a corporation requires:
• Formation documents including date, state, and country of incorporation.
• Certificate of good standing.
• Organizational structure details.
• Manager information for the past 5 years.
• Disclosure of convictions and litigation involving officers in the past 10 years.
• Employment history of key shareholders for the past 5 years.
• Most recent SEC report (if applicable).
• Audited financial statements of the parent company for the current and previous two years.
• Contact information for registered agent in North Carolina.

Individual money transmitters

• Personal details including residence address, financial statement, and employment history for the past 5 years.
• Details of application’s registration and qualification to conduct business in North Carolina.
• Audited financial statements for the current and preceding two years.

Cost Involved

• Application fee: $500
• Initial license fee: $1,000
• Additional $10 for each location, up to $5,000
• Bonding requirement of $150,000, with an additional $5,000 for each additional location, up to $250,000.

Process of application

• Register with FINCEN: Ensure your company is registered with FINCEN and meets the minimum net worth requirement of $250,000.
• Create an NMLS Account: Set up an account on NMLS as all applications for MTLs in North Carolina are done electronically through this platform.
• Gather Required Documents: Collect all necessary documents as listed for your type of money transmitter (general, corporate, or individual).
• Complete Application Form: Fill out the application form on NMLS and upload all required documents.
• Pay Fees: Pay the application fee, initial license fee, and any additional fees for multiple locations.
• Wait for Approval: It typically takes 3 to 4 months for your application to be reviewed and approved.