MSB License Regulation in Massachusetts
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Regulator of MSB license in Massachusetts
State Regulator: The Consumer Affairs & Business Regulation: Division of Banks
New License applications: Nationwide Multistate Licensing System & Registry (NMLS)
Documents required for application:
- Completed Massachusetts Foreign Transmittal Agency License Application
- Uniform Money Service Business (UMSB) Form
- UMSB Bio Statement and Consent Form
- UMSB Branch/Agent Office Form
- Bio statement for any individual owning 25% or more of the business (a “control person”)
- Business plan describing financial products and services offered in Massachusetts
- Copy of anti-money laundering and compliance policies
- Copy of most recent independent review
- Proposed fee schedule and sample receipt for Massachusetts operations
- Corporate charter/articles of incorporation/articles of organization and operating agreement or partnership agreement
- ND authorization to do business in Massachusetts
- Completed W-9 form
Cost Involved
- Annual license fee: $1,000 per license
- Investigation fee: $300 per license
- Credit report fee: $15 per control person(s)
- FBI criminal background check: $36.25 per owner(s) or control person(s)
- Surety bond: $50,000 (initial), amount adjusted based on weekly funds deposited with the licensee by Massachusetts consumers for remittance to foreign countries
Process of application
- Register with the Nationwide Multistate Licensing System & Registry (NMLS) online.
- Follow the checklist provided to gather and complete all necessary documents for the application.
- Complete the MU1 form and other required documents, including the Company Form.
- Pay the applicable license fees, investigation fees, credit report fees, and FBI criminal background check fees.
- Electronically submit the required surety bond of $50,000 with the application.
- Ensure all documents are complete before submitting the application to avoid rejection.
- Wait for approval, which typically takes around 4 to 8 months, with a possibility of approval in 4 months if fortunate.
State Base MSB Regulations
