MSB License Regulation in Mississippi

Regulator of MSB license in Mississippi

Nationwide Mortgage Licensing System

Mississippi Department of Banking and Consumer Finance

Documents required for application:

• Completed Mississippi Money Transmitter License Application.
• Identifying information, including legal name, residence, and percent ownership of each owner, member, partner, director, and principal officer of the company.
• States where the business is licensed for money transmitting and the name and address of the registration agency.
• List of branches and locations in Mississippi where the business will operate.
• Details of total monetary value and number of outstanding transactions.
• Disclosure of civil or criminal proceedings or convictions involving theft, fraud, dishonest dealings, or moral turpitude.
• Any suspension, denial, or revocation of licenses from state or federal agencies.
• Past violations of Mississippi Sale of Checks Law or connections with businesses in violation of Mississippi or similar laws.
• Federal Money Services Business registration form with the U.S. Department of Treasury.
• Copy of SAS 70 audit, if available.
• Most recent audited financial statements, including balance sheet, statement of income or loss, statement of changes in shareholder equity (if applicable), and statement of changes in financial position for the current year and the preceding two-year period.
• Demonstrated net worth meeting the requirement of $25,000 plus $15,000 for each additional location, not exceeding $250,000.
• Sample copy of payment instrument.
• Explanation of any stored value card or similar product, including reloading and activating cards.
• Copy of written agreement between the applicant and bank.
• Copies of Certificate of Good Standing from the state of incorporation, articles of incorporation, articles of organization, operating agreement, and partnership agreement.

Cost Involved

• Initial license fee: $750.
• Investigation fee: $50.
• Additional location fee: $50 per location, not to exceed $1000.
• License renewal fee: $400.
• Compliance program costs: $30,000 to $90,000.
• Surety bond: At least $25,000, equal to the amount of outstanding money transmissions in the state, not exceeding $500,000.

Process of application

• Ensure FINCEN registration is up to date before applying for a Money Transmitter License (MTL) in Mississippi.
• Review the requirements on the websites of the Mississippi Department of Banking and Consumer Finance and the Nationwide Multistate Licensing System.
• Create an account on the Nationwide Multistate Licensing System (NMLS).
• Fill in the application and upload all required documents.
• Pay all necessary fees associated with the application.
• Submit the completed application.
• Wait for approximately 3 months for the license application to be approved.