MSB License Regulation in Vermont

Regulator of MSB license in Vermont

Vermont Department of Financial Regulation

Documents required for application:

• Legal name, residential, and business address of the applicant
• List of any criminal convictions or material litigation in the previous 10-year period
• Description of previous money services provided and services sought in Vermont
• List of proposed authorized delegates and their locations in the state
• List of other states where the applicant is licensed and information on bankruptcy or receivership proceedings
• Sample contract for authorized delegates and payment instrument forms
• Name and address of financial institutions involved in payment processing
• Description of funding sources for money services
• Any additional information required by the commissioner
• Minimum net worth of $100,000
• Non-refundable application fee of $1,000
• Additional requirements for Corporate Money Transmitter
• Date and state/country of incorporation or formation
• Certificate of good standing from the state or country of incorporation or formation
• Description of corporate structure and any parent/subsidiary relationships
• Employment history of executive officers, managers, directors, or individuals in control of the applicant
• List of criminal convictions, litigation, or disciplinary actions involving key personnel in the past 10 years
• Audited financial statements for the most recent fiscal year and previous two years
• Unconsolidated financial statements for the current year and previous two years

Cost Involved

• Non-refundable Application Fee: $1,000
• Surety Bond: The bond amount required is $100,000, with an additional $10,000 for each extra location, up to a maximum of $500,000. The commissioner may increase the bond up to $2,000,000.

Process of application

• Register with FINCEN: Ensure your money services business is registered with the Financial Crimes Enforcement Network.
• Meet Basic Requirements: Maintain a minimum tangible net worth of $100,000 and obtain a surety bond of the same amount.
• Create NMLS Account: All applications must be submitted through the Nationwide Multistate Licensing System, so create an account on the platform.
• Prepare Required Documents: Gather all necessary documents such as business plans and financial statements and upload them along with your application.
• Pay Fees: Submit the non-refundable application fee.
• Wait for Approval: After completing the above steps, expect the application to be processed within approximately 3 months.