In Louisiana, no person shall engage in the business of money transmission, receiving and transmitting money within the U.S. or abroad, without a license. The regulatory body which issues Louisiana Money Transmitter License (LMTL) is the Office of Financial institutions, Louisiana.
What are the requirements to apply for a Louisiana Money Transmitter License?
Important documents required for the Application are:
- List of direct owners (Individuals with 10% or more ownership)
- List of individuals with more than 25% shareholding (indirect owners)
- Direct and indirect owners to authorize FBI for a CBC
- Bank account details
- Louisiana Certificate of authority
- Management Chart and Organizational Chart showing ownership percentage
- List of states where the license is held
- Audited financial statements for the last 3 years and year in which application is submitted certified to be correct by an owner, principal, officer, or director. The financial statement must show a net worth of $100,000.
- Business Plan
- Authorized Agent Locations
- Notarized application affidavit (form provided in NMLS)
- Document Samples
- Certificate of company resolution authorizing the signing of documents on behalf of the applicant.
- Company Formation Documents
- Registration with FinCEN as a Money Services Business
- Surety bond
What is the process for obtaining a Louisiana Money Transmitter License?
To apply for an LMTL, the applicant must first register with the Nationwide Multistate Licensing System and Registry (NMLS). Documents have to be uploaded on the NMLS website and certain documents have to be mailed. Along with documents, must be included: signatures at all required places, notarized application form, and signatures, required a filing fee. The license is issued for one year and must be renewed before 31 December. Licenses are valid from 1st January to 31st of December.
How much does it cost to obtain a Louisiana Money Transmitter License?
Initial License Fee is $800 (Non-refundable) plus $25 for each additional location. Maximum License Fee: cost $5200. FBI Criminal Background Check is $36.26 per person. Renewal Fee is $600 plus $25 for each additional location. Total renewal fee not to exceed $6000.The minimum Net Worth is $100,000.
Surety Bond from $25,000 to $500,000 submitted by a surety company authorized to conduct business in Louisiana. Legal fees vary between $8,000-$12,000.
Empire Global has a team of experienced professionals who will assist you through the entire process of Louisiana Money Transmitter License application including assistance in the preparation of documents, submission of application and responding to any queries. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Louisiana Money Transmitter License.
Other Practice areas
EMPIRE GLOBAL PARTNERS, LLC
5100 Westheimer STE 200
Houston TX 77056
A Global Professional Services Firm
Worldwide Professionals, Local Experience.
USA Office: +1 972-370-3203