MSB License Regulation in Colorado

Regulator of MSB license in Colorado

Division of Banking of the Colorado Department of Regulatory Agencies.

Documents required for application:

When seeking a money transmitter license in Colorado, you’ll need to provide a comprehensive set of documents, including:

• Financial Statements
• Locations of Authorized Delegates and Company-Owned Branches
• Disclosure of Other Trade Names
• Designation of Registered Agent
• Identification of Primary Contact Employees
• Bank Account Details
• Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) Policy
• Business Plan
• Certificate of Authority
• Sample Agent Contract
• Sample Payment Instrument
• Flow of Funds Structure
• Company Formation Documents
• Management Chart
• Organizational Chart
• Verification of Experience

These documents collectively demonstrate your company’s financial stability, operational structure, regulatory compliance, and commitment to preventing financial crimes.

Cost Involved

The application fee for the MTL is $7,500 when issued from January 1st to June 30th and $3,750 from July 1st to December 31st. Additionally, a minimum surety bond of $250,000 is required.

Process of application

• Begin by registering your business with FinCEN.
• Next, create an account with NMLS and initiate your application.
• Ensure you have all necessary documents prepared and readily available.
• Any missing documents can lead to delays or require restarting the process.
• Pay the applicable fees.
• Await regulatory approval after submission.