MSB License Regulation in Kentucky

Regulator of MSB license in Kentucky

Kentucky Department of Financial Institutions

Documents required for application:

• Identification details, including contact person information, business structure, federal tax ID, and Kentucky corporation number.
• Information on the financial institution handling payment instruments.
• Authorization for verification.
• Contact information for the compliance person.
• Total money transfer volume in Kentucky over the past year.
• Ownership details, shareholder interests, and affiliations.
• Identification of the responsible individual with managerial authority.
• List of Kentucky agents and their details.
• Sample contract and criminal screening method for agents.
• Sample payment instrument.
• Location history of the money transmission business.
• Written procedures for agents.
• Business registration and licensing documents.
• Certificates of authority and incorporation.
• Financial statements and audited reports.
• Source of capitalization and credit.
• Permissible investments and banking details.
• History of bankruptcy, discipline, and criminal records.
• Method for tracking Kentucky business separately.

Cost Involved

• Application fee:
• March 31 to September 30: $250 application fee + $500 license fee.
• After September 30: $500 application fee + $500 license fee.
• Tangible net worth of $500,000.
• A surety bond of $500,000 or a premium in the amount of $12,500.

Process of application

• Gather required documents and information.
• Complete application forms accurately.
• Arrange payment of applicable fees.
• Submit application and supporting documents.
• Await review and processing by the relevant authorities.
• Address any additional requests or inquiries from regulators.
• Once approved, fulfill any remaining obligations outlined in the licensing process.