MSB License Regulation in Arizona

Regulator of MSB license in Arizona

Arizona Department of Insurance and Financial Institutions.

Documents required for application:

If you want to get a money transfer license in Arizona, you will need to send in the following paperwork with your application.

• Plan for business
• Other business names
• Statements of Money
• Forms for forming a company
• Main point of contact people
• Background check for crimes (CBC)

Cost Involved

You will have to pay these fees in order to apply for a state license to send money in Arizona:

• 1500 dollar application fee. (The fee for a license or registration varies on the month you apply)
• $100,000 in net worth
• Surety bond worth at least $25,000 and no more than $500,000.

Process of application

Following are the steps involved in application process:

Sign up for FinCEN. If you run a money services business, you need to make sure that FinCEN knows about it.

Make an account on the Arizona eLicense portal. You will need to upload some papers there.

Join NMLS and make an account. This online site is where all license applications go, so make an account here to apply for your license.

Check out the webpage of the regulator. Read the rules and requirements on the Arizona Department of Insurance and Financial Institutions website carefully before you apply for your license.

Gather all the papers. When you go to apply for your license, make sure you have all the paperwork you need with you. It will be necessary to repeat the whole process if you forget to include even one document.

Complete all fees. You now have a good idea of how much it costs to get a license to send money in Arizona. You can send in your application once you’ve paid all the fees.

Wait to be told yes. It will take between six and eight months to get your license after you send in your application.