Any entity in Mississippi 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 Mississippi Money Transmission License (MIMTL). The regulatory body for issuing a license is a Mississippi Department of Banking and Consumer Finance.
What are the requirements to apply for the Mississippi Money Transmitter License?
Important documents required for application are:
- Certificate of Authority/ Good standing
- Registered Agent
- Registration with the Mississippi Secretary of State as required by law
- Primary Contact employees
- Two recent audited financial statements prepared by CPA in accordance with GAAP within 90 days of your fiscal year-end. The financial statement must illustrate a company net worth of $25,000 plus $15000 for every additional location. If the applicant is a start-up company, only an initial statement of the condition is required.
- Fingerprint cards for each direct owner with at least 10% of the voting or outstanding shares of the corporation (except publicly traded companies) and executive officers with significant oversight duties of the business.
- Business Plan
- Company Formation documents
- Document samples
- Authorized Agents Locations
What is the process for obtaining a Mississippi Money Transmitter License?
To apply for a MIMTL, the applicant has 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. The license is issued for a period of one year and has to be renewed annually.
How much does it cost to obtain a Mississippi Money Transmitter License?
License Fee is $750. Investigation Fee costs $50. An annual fee of $0.25 for each active authorized agent/delegate location reported through NMLS is invoiced on November 1st. There is no fee for the first 100 active agents reported. Cap on UAAR Fee at $25,000. Renewal Fee is $400 plus $50 for every agent location. Not to exceed $1000. The net worth minimum is $25,000 plus $15000 for every additional location. Maximum: $250,000. Surety Bond minimum is $25,000 to a maximum of $500,000 as desired by Commissioner. In lieu of a corporate Surety Bond, an applicant may provide proof of a government bond or CD equal to the required amount. Legal Fees vary between $8,000-$12,000.
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