The Licensing Authority in charge of the Delaware Money Transmitter License (DEMTL) is the Office of the State Bank Commissioner. DEMTL Applications can be made directly offline with the Office of the State Bank Commissioner.
What are the requirements to apply for a Delaware Money Transmitter License?
In order to obtain a Delaware Money Transmitter License, the following documents are required:
- Board Resolution authorizing this company’s purpose
- List of principal or senior officers’ full names, titles, residence addresses, business addresses, dates of birth, Social Security numbers, and occupations and their resumes and financial statements
- List Directors of the Corporation including full names, titles, residence addresses, business addresses, dates of birth, Social Security numbers and occupations, and their resumes and financial statements
- List of all stockholders of the corporation including full names, residence addresses, business addresses, dates of birth, Social Security numbers, and number of shares held
- Current balance sheet and income statement
- Financial statement of the parent company
- Proof of registration with Delaware Division of Corporations
- Information about designated individual
- Letters of business reference – 3
- Registration with FinCEN as a Money Services Business
- Surety bonds
The documentation required will vary from applicant to applicant.
What is the process for obtaining a Delaware Money Transmitter License?
The application has to be made to the Office of the State Bank Commissioner. Documents have to be uploaded on the NMLS website and certain documents have to be mailed. Important requirements are 1) Signatures at all required places; 2) Required filing fee, and 3) All enclosures and financial statements as stated in the form. No time limits are provided for application processing. The license is issued for a period of one year and expires on the 31st of December. It has to be renewed annually 30 days prior to its expiry.
The application has to be made to the Office of the State Bank Commissioner. Documents have to be uploaded on the NMLS website and certain documents have to be mailed. Important requirements are 1) Signatures at all required places; 2) Required filing fee, and 3) All enclosures and financial statements as stated in the form. No time limits are provided for application processing. The license is issued for a period of one year and expires on the 31st of December. It has to be renewed annually 30 days prior to its expiry.
How much does it cost to obtain a Delaware Money Transmitter License?
Several costs apply when obtaining a Delaware Money Transmitter License, such as Investigation fee ($172.50), Annual Fee ($ 230 plus $4.60 for every additional location), Annual Assessment Fee ($500 both if books maintained outside Delaware and if maintained inside Delaware). The renewal Fee costs $230 plus $4.60 for every additional location. Net worth should not be less than $100,000 computed according to GAAP, empireglobal.partners while the Surety Bond is $25,000 for the first location and $5000 for every additional location (Maximum $250,000) furnished by a surety company authorized to conduct business in Delaware. Legal Fees vary between $8,000 and $12,000.
Empire Global has a team of experienced professionals who will assist you through the entire process of the Delaware 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 Delaware Money Transmitter License.
