MSB License Regulation in Ohio
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Regulator of MSB license in Ohio
Ohio Division of Financial Institutions
Documents required for application:
- Legally established business entity documentation
- Identifying information
- Principal and secondary contact details
- Notarized application
- Company resolution and certification
- Disclosure and declaration forms
- Acknowledgement letter for FinCEN registration
- Secretary of State authorization
- Business description and history
- Contact information of directors, officers, and owners
- Legal entity documentation (articles of incorporation/organization)
- Foreign company authorization to operate in Ohio
- Litigation history
- Planned office or delegate locations details
- History of violations and regulatory issues
- Business plan with revenue projections
- CPA audited financial statements
- Anti-money laundering policy
- Compliance measures description
- Aggregation of transactions plan
- OFAC compliance proposal
- DMA form
- Disclosure forms for key personnel
- Criminal background check report
- Minimum net worth requirement documentation
Cost Involved
- Application fee: $6,000
- Bonding requirements: $300,000 to $2,000,000 (at commissioner’s discretion)
- Potential additional costs for document preparation and compliance measures
Process of application
- Ensure your business meets the legal establishment and capitalization criteria.
- Gather all required documentation, including identification, business plan, financial statements, and compliance policies.
- Schedule a pre-filing meeting as required.
- Complete and notarize the application forms.
- Obtain necessary certifications and authorizations from relevant authorities.
- Create an account on the NMLS website for application submission.
- Enter all required information and upload documents according to the application guidelines.
- Pay the application fee of $6,000.
- Submit the application and await confirmation of receipt.
- Allow approximately 6 months for the state of Ohio to process and approve your license application.
State Base MSB Regulations
