MSB License Regulation in Utah
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Regulator of MSB license in Utah
Utah Department of Financial Institutions
Documents required for application:
- Proof of being a depository institution chartered and regulated by a state other than Utah in the US
- Certified financial statement showing a net worth of at least $1,000,000
- Surety bond
- Additional information as specified by the department
Cost Involved
- Non-refundable filing fee of $100
- Utah requires a minimum tangible net worth of $1,000,000 for new MTL applicants. Additionally, a surety bond of $50,000 or premiums worth $1,250 must be submitted.
Process of application
- Register with FinCEN: Register your money services business with the Financial Crimes Enforcement Network.
- Create NMLS Account: Create an account on the Nationwide Multistate Licensing System (NMLS) website for electronic application submission.
- Review Requirements: Visit the Utah Department of Financial Institutions website to understand all requirements and updates.
- Prepare Application: Gather required documents including Certificate of Good Authority and Flow of Funds documents.
- Submit Application: Complete the application and upload necessary documents through the NMLS platform.
- Pay Fees: Pay the filing fee of $100 along with any other required costs.
- Wait for Approval: Wait approximately 3 to 6 months for approval.
State Base MSB Regulations
