The Full New Hampshire Money Transmitter License Guide (2021)
Thinking about starting a money transmission company in New Hampshire? In order to explore this business opportunity, you have to go through a number of administrative steps. Most importantly, you have to obtain a New Hampshire money transmitter license.
The licensing allows you to operate legally in the state. The requirements that you need to meet are set by the New Hampshire Banking Department. The process is conducted via the Nationwide Multistate Licensing System and Registry (NMLS).
In the sections below, you can get acquainted with the criteria you have to satisfy to become a New Hampshire money transmitter.
Meet the New Hampshire Money Transmitter License Requirements
All applicants for a money transmitter license in New Hampshire have to be approved by the state Banking Department. It ensures that licensees satisfy the requirements set in the Chapter 399-G, Title XXXVI of the New Hampshire Revised Statutes.
Money transmitters who want to work with virtual currency don’t need a license as per New Hampshire HB 436. However, they have to comply with state consumer protection laws.
You have to obtain a business registration in New Hampshire in order to start your operations in the state. You need to register with the Secretary of State’s Corporation Division, as well as with the Department of Revenue.
There are a number of other documents that you have to supply for your money transmitter application. They include:
- Trade name (if applicable)
- Business plan
- Organizational chart
- Management chart
- Resident/Registered Agent information
- Primary and non-primary contact employees information
- Control person attestation
- Disclosure questions
- Your Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) policies
- Authorized agents (delegates) location
- Company Staffing and Internal Policies
- Document samples
- Certificate of Authority/Good Standing Certificate
- Company owned locations and branches in the state
- FinCEN Registration Confirmation Number
You can consult the NMLS application checklist for the full details.
Provide a Surety Bond
As a part of the licensing, you have to provide a New Hampshire money transmitter bond. It works as a security instrument that protects the interests of the state and of your customers.
You need to obtain a $100,000 surety bond. You have to submit it in the official form.
This is the required bond amount, but you have to cover only a fraction of it. The premium that you have to pay is based on the strength of your personal and business finances. Applicants with solid finances usually get rates between 0.5% and 5%.
Want to see the exact cost of your New Hampshire money transmitter bond? Fill in the short form below!
Criminal Background Check
All direct and indirect owners, as well as executive officers, have to authorize an FBI criminal background check.
Financial Statements and Credit Reports
You have to submit your financial statements. They must comprise a Balance Sheet, Income Statement and Statement of Cash Flows, State of Net Worth, Statement of changes in Owners’ equity and relevant notes.
Individuals in a position of control have to authorize a credit report check as well.
Complete the New Hampshire Money Transmitter License Application
You have to submit your completed application online via the NMLS website.
In case you have to send documents to the Department, you have to mail them to:
State of NH Banking
Department Consumer Credit Division
53 Regional Drive, Suite 200
Concord NH 03301
License and Registration Fees
The license fees are:
- $500 license fee
- $36.25 FBI criminal background check per person
- $15 credit report fee per person
- $25 registration of authorized delegates per location
Have more questions about your New Hampshire money transmitter license and bonding? You can reach us at.
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