MSB License Regulation in Oregon

Regulator of MSB license in Oregon  

Oregon Department of Financial Regulation

Documents required for application:

• Applicant’s contact details and business information
• Five-year history of legal and criminal records
• Description of intended business activities
• List of proposed authorized delegates
• Sample contracts and payment instruments
• Business locations and clearing bank details
• Business plan outlining operations
• Audited financial statements if applicable
• Corporate structure details if applicable
• SEC filings copies if applicable

Supplementary Conditions for Corporate Money Transmitters:

• Incorporation details: Date and state
• Certificate of good standing from the incorporating state
• Corporate structure description, including parent or subsidiary information
• Employment history of executive officers and managers
• Employment history of controlling shareholders
• Five-year history of litigation and criminal convictions for officers and shareholders
• Most recent audited financial statement and statements from preceding two years
• Copies of filings with the SEC or similar regulator
• Wholly owned subsidiary may provide its audited financial statements

Cost Involved

• Application fee: $1,000
• Examination fees: $75 per hour per examiner, including travel costs
• Minimum net worth requirement: $100,000 plus $25,000 per location
• Bonding requirements: $25,000 bond plus $5,000 for each additional location, capped at $150,000

Process of application

• Ensure your business is registered with FINCEN.
• Review the requirements on the Oregon Department of Financial Regulation and NMLS websites.
• Create an account on the NMLS platform and thoroughly understand the application requirements.
• Complete the application form with accurate information and attach all required documents.
• Pay the application fee and any associated examination fees.
• Submit the application and documents through the NMLS portal.
• Await processing and examination by regulators, which typically takes around 3 months.
• Upon approval, fulfill any remaining requirements and receive your Oregon Money Transmitter License.