The Oregon Money Transmitter License (OMTL) is issued by the Oregon Division of Financial Regulation. In Oregon, no person shall engage in the business of money transmission, receiving and transmitting money within the U.S. or abroad, without a license.
What are the requirements to apply for an Oregon Money Transmitter License?
In order to obtain an Oregon Money Transmitter License, the following documents are required:
- Credit report
- Credit report explanations
- State Background Check Authorization
- 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 $100,000 plus $25,000 for each location in Oregon not to exceed a maximum of $500,000
- Business Plan
- Document Samples
- Good Standing Certificate
- AML/ BSA Policy with an independent review
- The flow of funds structure
- Management Chart and Organizational Chart showing ownership percentage
- Permissible investments with the company
- Company Formation Documents
- Authorized Agent information
The documentation required will vary from applicant to applicant.
What is the process for obtaining an Oregon Money Transmitter License?
After preparing all documents, the application has to be made to the Nationwide Multistate Licensing System and Registry (NMLS). It is important to include signatures at all required places (notarized), completion of electronic fingerprinting process, required a filing fee and all enclosures and financial statements as stated in the form. License is issued for a period of one year and has to be renewed every year on expiry.
How much does it cost to obtain an Oregon Money Transmitter License?
Application Fee License Fee is$ 1100 (Non-refundable), NMLS processing fee: $100 (Exempted for 2017) Credit report Fee for each individual is $15. 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 (Companies with 100 agents or less are not subject to the UAAR Processing Fee). Cap on UAAR Fee at $ 25,000. Renewal Fee is $500. Minimum Net Worth is $100,000 plus $25,000 for each location in Oregon not to exceed a maximum of $500,000. Oregon money transmitters must provide a $25,000 bond plus a $5,000 bond for each additional location, not amounting to more than $150,000. 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 Oregon 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 an Oregon Money Transmitter License.