The Complete Georgia Money Transmitter License Guide [2020]

Published: Apr 29, 2020
georgia money transmitter license

 

Do you want to start a money transmission business in Georgia? The first step that you have to take to launch your operations in the state is to get a Georgia money transmitter license. 

The Georgia Department of Banking and Finance is the regulating authority which determines the criteria you need to meet. The licensing is conducted via the Nationwide Multistate Licensing System and Registry (NMLS). 

In the sections below, you can get acquainted with the requirements you have to fulfill, so that you can start your business with ease. 

Meet the Georgia Money Transmitter License Requirements

The Department of Banking and Finance regulates the financial industry in the state. It enforces the rules set in Title 7, Chapter 1, Articles 4 and 4A of the Official Code of Georgia Annotated. The exact requirements are detailed below. 

Business Documents 

The first step that you need to take is to register your business with the Secretary of State. You will also need a tax registration with the Department of Revenue. Then the formation documents have to be attached to your license application. 

The rest of the documents that you need to provide include: 

  • Trade name (if applicable) 
  • Business plan
  • Organizational chart
  • Management chart
  • Resident/Registered Agent information
  • Primary employees information
  • Control person attestation
  • Disclosure questions
  • Your Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) policies
  • Authorized agents location
  • Flow of funds diagram
  • Verification of lawful presence in the U.S. 
  • Certificate of authority (for foreign entities) 

You can review the requirements in the NMLS application checklist

Provide a Surety Bond 

You have to obtain a Georgia money transmitter bond as a part of the licensing process. It functions as a safety instrument that guarantees your customers are protected from potential illegal actions on your side. 

The bond amount is set at $100,000. However, the Department may require a higher amount from applicants whose average daily outstanding orders to transmit not yet paid exceed this amount. The maximum requirement can be up to $2 million.

In order to get bonded, you have to pay a premium. It constitutes a percentage of the required amount. The factors that shape it include your personal and business finances. The stronger they are, the lower your bond cost will be. The typical rates for applicants with stable finances are between 0.5% and 5%.

Want to see the exact cost of your Georgia money transmitter bond? Fill in the short form below! 

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Criminal Background Check

Ultimate equitable owners, executive officers, and other persons with control have to authorize an FBI criminal background check. Control persons also have to allow a state background check

Credit Reports and Financial Statements

Credit report authorization is needed for all ultimate equitable owners, executive officers, and other persons with control. The Department may require some applicants to provide a company financial statement as well. 

Complete the Georgia Money Transmitter License Application

georgia money transmitter licenseWhen you have prepared your full application package, you can submit it online via the NMLS website. 

For documents that have to be mailed to the Department, use the following address:

Georgia Department of Banking & Finance 

NDFI Division 

2990 Brandywine Road, Suite 200 

Atlanta, GA 30341-5565

License and Registration Fees

The applicable license fees are:

  • $900 annual license fee  
  • $250 investigation fee

In addition, you have to cover a fee of $36.25 for an FBI criminal background check per person. The credit report per control person costs $15.

 

Have further queries about obtaining your Georgia money transmitter license and bond? You can contact us at 877.514.5146

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Collette Vierling

Collette Vierling

Collette Vierling is currently a Licensed Agent and Senior Account Manager with Lance Surety. Since joining the company in 2011, she has helped thousands of small businesses meet their license and bond requirements. Collette has a wealth of knowledge regarding all types of license and permit bonds, with particular expertise in the automobile, transportation and financial sectors.