MSB License Regulation in New Hampshire

Regulator of MSB license in New Hampshire

New Hampshire Banking Department

New license applications: Nationwide Mortgage Licensing System

Documents required for application:

• Financial Documentation:

Provide proof of net worth based on average daily outstanding money transmissions of the prior year or $1,000,000, whichever is smaller.

Submit audited financial statements, including balance sheet, income statement, statement of changes in owners’ equity, cash flow statement, and interim balance sheet if applicable.

Include copies of the most recent federal business income tax returns.

• Ownership and Management Information:

List names and tax IDs of owners, officers, directors, members, partners, trustees, beneficiaries, and indirect owners, indicating percent ownership.

Complete individual disclosure forms, criminal history record information authorization forms, and fingerprint cards for all relevant individuals.

Provide an organizational chart demonstrating company ownership.

Include tax ID number of the business.

• Legal and Operational Documentation:

Provide proof of trade name registration and appointment of a New Hampshire agent.

Submit articles of incorporation, bylaws, partnership or LP agreement, articles of organization, and management agreements.

Include sample contracts and agreements.

List all authorized delegates in the state and provide their information.

• Regulatory and Compliance Information:

Disclose criminal history, regulatory history, and civil judicial history for the applicant and affiliates.

Provide information on bankruptcy history, judgments, liens, and other financial disclosures.

Include copies of FinCEN registration.

Cost Involved

• Application Fee: $500 for each principal office, plus $25 for each authorized delegate, not exceeding $5,000 in total.
• Fingerprint Fee: $55.25 per individual.

General Bonding Requirements for New Hampshire Money Transmitter License:

• Surety bond worth $100,000 is required.

Process of application

• Create NMLS Account:

Create an account on the Nationwide Multistate Licensing System (NMLS) website.

• FINCEN Registration:

Ensure your business is registered with the Financial Crimes Enforcement Network (FINCEN) to be eligible to apply for a Money Transmitter License (MTL) in New Hampshire.

• Meeting Basic Requirements:

Have a surety bond worth $100,000 and maintain a positive net worth at all times.

• Review Requirements:

Read and understand all requirements for the MTL application, including necessary documents.

• Application Completion:

Fill out the application carefully, ensuring all information is accurate.

Upload required documents such as anti-money laundering (AML) policy and company formation documents.

• Fee Payment:

Pay all required fees, including the application fee and fingerprint fees.

• Submission:

Submit your completed application through the NMLS platform.

• Waiting Period:

Wait approximately 3 months for the New Hampshire Department of Banking to review and process your application.

• License Issuance:

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