MSB License Regulation in Nebraska

Regulator of MSB license in Nebraska  

Nebraska Department of Banking and Finance

Documents required for application:

• Financial Requirements:

Demonstrate a net worth of $50,000.

Prepare financial statements for all relevant individuals.

• Identification and Business Information:

Provide identifying information and describe the applicant’s activities.

Specify the form of business, date, and location of formation.

List full names and business addresses of all officers, directors, partners, members, managing partners, and/or trustees.

Detail names and ownership percentages of all persons who control the applicant.

• Biographical Information:

Submit biographical information for all involved individuals, including work experience, previous money transmission business involvement, regulatory history, criminal history, civil suits, bankruptcy history, and any unsatisfied judgments or liens.

Cost Involved

• Application Fee: $1,000, plus any applicable processing fees.

General Bonding Requirements for Nebraska Money Transmitter License:

• Bonding requirements vary based on the dollar amount of money transmitter transactions.
• Surety bond amounts range from $100,000 to $250,000 based on transaction volume.

Process of application

• MSB Registration:

Ensure your Money Services Business (MSB) is registered with the Financial Crimes Enforcement Network (FinCEN) to be eligible for a Money Transmitter License (MTL).

• Review Requirements:

Visit the Nebraska Department of Banking and Finance website and the Nationwide Multistate Licensing System (NMLS) website.

Thoroughly review the requirements for obtaining a Money Transmitter License.

• Create NMLS Account:

Create an account on the NMLS website.

• Prepare Documentation:

Gather all required documents, including financial statements and FinCEN registration details, as specified in the application guidelines.

• Application Submission:

Log in to your NMLS account and submit your application.

Follow the provided guidelines for uploading the required documents.

• Fee Payment:

Pay the application fee of $1,000, along with any applicable processing fees, as outlined above.

• Final Submission:

Submit your completed application through the NMLS platform.

• Waiting Period:

Allow up to 3 months for the Nebraska Department of Banking and Finance to review and process your application.

• License Issuance:

Upon approval, you will receive your Money Transmitter License, allowing you to legally operate in Nebraska.