The Complete Illinois Money Transmitter License Guide [2020]

Published: Apr 27, 2020
illinois money transmitter license

 

Are you thinking of launching a money transmission business in Illinois? If you wish to start this new endeavor, you have to obtain an Illinois money transmitter license. It ensures your legal compliance, guaranteeing that you will practice this profession upholding the highest standards. 

The licensing authority is the Illinois Department of Financialand Professional Regulation. It oversees the operations of money transmitters in the state. The procedure is conducted via the Nationwide Multistate Licensing System and Registry (NMLS). 

Find out the detailed steps that you need to take in order to get licensed by consulting the extensive overview below. 

Meet the Illinois Money Transmitter License Requirements

The Division of Financial Institutions at the Department of Financial and Professional Regulation has determined the criteria that applicants have to fulfill in order to be granted a license. They are set on the basis of the Illinois Transmission of Money Act.

Business Documents 

illinois money transmitter licenseFirst, you have to obtain a registration of your business entity in Illinois. You can do so by filling an application with the Secretary of State and with the Department of Revenue. The formation and tax documents need to accompany the rest of your license documents.

You then need to obtain and complete the following:

  • Trade name (if applicable) 
  • Business plan
  • Organizational chart
  • Resident/Registered Agent information
  • Primary and non-primary employees information
  • Control person attestation
  • Disclosure questions
  • Certificate of Authority/Good Standing Certificate
  • FinCEN registration confirmation number
  • Your Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) policies
  • Authorized agents location
  • Company owned locations and branches
  • Document samples
  • Appointment of Attorney-in-Fact for service of process form

You can get acquainted with the details about these requirements in the NMLS application checklist

If you want to work with virtual currency, you can consult the Department’s Digital Currency Regulatory Guidance.  

Provide a Surety Bond 

Posting an Illinois money transmitter bond is one of the indispensable requirements that you have to fulfill to get licensed. The bond functions as a safety net that protects your customers. 

The required bond amount can be between $50,000 and $2 million. It has to be equal to 1% of all your Illinois-based activity. 

In order to get bonded, you need to pay a small percentage of this amount. It is known as your premium, which depends on the strength of your personal and business finances. If your overall profile is stable, the rates that you can get are between 0.5% and 5%.

Do you want to see the exact price of your Illinois money transmitter bond? Fill in the short form below! 

Get a FREE Bond Quote Today! Shopper Approved Ratings
No obligation | It Takes 2 minutes
Powered by

Financial Statements

All applicants have to provide their financial statement. It should illustrate that you meet the minimum net worth requirements. They are calculated according to the number of your locations and range between $35,000 for one location and $500,000 for more than 25 locations. 

Complete the Illinois Money Transmitter License Application

Once you have compiled your full application package, you have to submit it online via the NMLS

Some documents have to be mailed directly to the Department. The mailing address is:

Illinois Department of Financial and Professional Regulation 

Consumer Credit Section 

100 West Randolph Street 9-100 

Chicago, IL 60601

License and Registration Fees

The relevant license fees that you need to pay are: 

  • $100 application fee
  • $100 license fee
  • $400 investigation fee
  • $10 fee per authorized delegate 

 

Have more questions about getting your Illinois money transmitter license and bonding? Don’t hesitate to get in touch with us at 877.514.5146

The following two tabs change content below.
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.