MSB License Regulation in Louisiana

Regulator of MSB license in Louisiana

Louisiana Office of Financial Institutions

Documents required for application:

• Completed application forms.
• Business plan including financial projections, anticipated transaction volume, and selling/transmitting locations.
• Proof of $100,000 net worth.
• Three years of certified financial statements.
• FinCEN registration confirmation.
• List of agents and locations in Louisiana.
• Identifying information of the applicant and key personnel.
• Copies of business registration documents and bylaws.
• Authorization to do business in Louisiana.
• Ownership details of directors, managers, partners, and equity holders.
• Parent company information and organizational chart.
• List of states where business performs MSB.
• History of civil and criminal proceedings, bankruptcies, license denials/revocations, and enforcement actions.
• Certificate of Resolution.
• Biographies of critical persons, including employment and residence history.
• Certificate of good standing from the state of incorporation.
• Record-keeping requirements.

Cost Involved

• Investigation fee: $300 + $25 per location (up to $3,000).
• Annual license fee: $300.
• Fingerprint card submission: $45.25 per individual.

Bonding requirements:

• New licensees: Minimum $25,000 bond, with the Commissioner having discretion to increase.
• Renewals: Bond amount varies based on outstanding checks or annual transaction volume, ranging from $25,000 to $500,000, with potential increase to $1,000,000 by the Commissioner.

Process of application

To obtain a money transmitter license in Louisiana, follow these steps:

• Ensure your business is registered with FinCEN, as you’ll need your registration number for the application in NMLS.
• Create an account on NMLS.
• Stay informed about all relevant state laws and regulations in your industry, and remain updated on any modifications.
• Review the NMLS document checklist thoroughly.
• Collect all required documents.
• Initiate the application filing process.
• Submit the necessary fees.

Await a response from the regulatory authority