MSB License Regulation in Florida

Regulator of MSB license in Florida

Florida Office of Financial Regulation – Financial Institutions Division

Documents required for application:

• Sample authorized vendor contract (if applicable)
• Sample form of payment instrument
• Copy of financial audit report for the most recent year (including parent company’s report)
• Proof of maintaining federal registration as a Money Services Business (MSB)
• Documents demonstrating federal MSB registration
• Fingerprint cards with a fee of $43.25 per person
• IRS Employee ID number (FEID)
• Contact person information
• Date and state of incorporation or formation
• Certificate of good standing from the same state
• Organizational chart
• Parent and subsidiary SEC filings, including stock ticker
• Documentation indicating MSB registration in other states
• FinCEN registration
• List of non-MSB services offered
• List of officers, directors, members, sole proprietors, controlling shareholders, and responsible persons, along with biographical summary forms
• Website URL
• Registered service of process agent
• Disclosures regarding criminal convictions, investigations, regulatory actions, civil litigation, and bankruptcy or surety bond cancellations
• Information for accounts used to conduct business activities
• Fiscal year end date
• Audited financial statements
• Yearly projections of transmission values (multiplied by 2% to determine surety level)

Cost Involved

• The application fee for a money transmitter license in Florida is $375.
• The surety bond, the minimum net worth, and the compliance program stand out as the most prominent. For example, the financial investment required to implement a comprehensive compliance program can range from a minimum of $25,000 to a maximum of $100,000, contingent upon the specific business model.
• Chapter 560.209 of the Florida Statutes says that an MTL in the state of Florida must have a net worth of at least $100,000.
• If you have more than one location, you will need to add an extra $10,000 to your net worth for each place. The most money they have is $2 million.
• The corporate surety bond will be between $100,000 and $2 million.