Any entity in Georgia, who wants to send or receive money transmissions or transmitting money within the United States or to locations abroad, must obtain a money transmitter license. The name of the license is Georgia Seller of Payment Instruments License (GSPIL). The regulatory body for issuing a license is a Georgia Department of Banking and Finance.
What are requirements to apply for a Georgia Seller of Payment Instruments License?
In order to get licensed in Georgia, documents for domestic organizations will vary, while out of state applicants should obtain a Certificate of Authority from the Georgia Secretary of State showing that the foreign entity is registered to do business in the state of Georgia. Required documents are:
- Submission of Company Form (MU1)
- Copy of Certificate of Authority to do business in Georgia; a copy of the business license from city or county where the business is located
- Location of books and records
- Website URL
- Credit Report for persons
- FBI Criminal Background Check
- Bank Account Details
- Authorization for Background checks
- Audited financial statements in GAAP prepared by a CPA, dated within 90 days of your fiscal year-end.
- Company Formation Documents
- Photo ID
- Verification of Lawful presence within the United States
- Authorized Agent Locations
- Anti- Money Laundering Policy
- Business Plan
- Certificate of Good Standing
- Samples of documents and forms which will be used by the business for customers
- Management Chart and Organisational Chart showing ownership percentage
- Company Tax Certification
- Registration with FinCEN as a Money Services Business
- Electronic surety bond
What is the process for obtaining a Georgia Seller of Payment Instruments License?
To apply for a GSPIL, you have to register with the Nationwide Multistate Licensing System and Registry (NMLS). To obtain this license, the State requires an application submitted to NMLS including paying the application and licensing fees. All requirements must be met PRIOR to submission of the application. If an application for licensure is approved, the applicant will receive an e-mail from the Department with instructions on retrieving their license certificate. The license is issued for a period of one year and has to be renewed every year.
How much does it cost to obtain a Georgia Seller of Payment Instruments License?
The cost is $2,000 application fee + $250 investigation fee. Renewal Fee is $2000. Surety Bond is a minimum of $250,000 executed by a surety company authorized to conduct business in Georgia. A maximum surety that can be required is $2,000,000. Plus, $5,000 for each additional location, amounting to no more than $250,000. Legal Fees varies between $8,000- $12,000.
Empire Global has a team of experienced professionals who will assist you through the entire process of Georgia Seller of Payment Instruments 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 Georgia Seller of Payment Instruments.