Money Transmitters - DFPI
Money Transmitters
Money transmitters issue payment instruments (money orders), travelers checks, and stored value. Through licensing, regulation, and oversight of these issuers, the DFPI supports a healthy and trusted financial marketplace.
Search Money Transmitters
The Money Transmitter Division of DFPI licenses and regulates money transmitters, which includes issuers of payment instruments (money orders), travelers checks and stored value. The California money transmission laws are found in the California Financial Code, Division 1.2, commencing with section 2000.
The Department is a member of the
Money Transmitter Regulators Association
(MTRA).
Laws & Regulations
Federal Laws and Requirements
Invitation for Comments – Money Transmission Act – Regulations
Actions, Orders and Administrative Hearing Decisions
Selected Final Opinion Letters
Regulatory and Industry Links
Resources
Money Transmitters FAQ
Money Transmitters Receipts
Publications & Forms
Directory of Money Transmitters
Money Transmitter Forms
Notice to Individual – Use of Information
FDIC 3064-0006 – Interagency Biographical and Financial Report Form
FDIC 3064-0006 – Department of Financial Protection and Innovation Supplemental Instructions
(PDF)
DFPI 2 – Personal Financial Statement
(PDF)
DFPI 3 – Confidential Resume
(PDF)
DFPI 379 – Written Consent Form
(PDF)
DFPI-525 – Call Report Forms and instructions
DFPI 550 – Emergency Contact Person Information (PDF)
DFPI MTD BCII 8016 – Request for Live Scan and Live Scan process instructions Form
(PDF)
DFPI 2118 – Application for Approval to Acquire Control of Money Transmitters
(PDF)
DFPI 4030 – Authorization for Release of Information (Money Transmitters)
(PDF)
DFPI 5025 – Appointment of Commissioner of the Department of Financial Protection and Innovation as Agent for Service of Process (Money Transmitters)
(PDF)
Bond Forms
OAL File No. 2021-0726-03 (PDF)
OAL File No. 2021-0726-04 (PDF)
Money Transmission Act
Chapter
Section
Chapter 1. General Provisions
2000-2003
Chapter 2. Exemptions
2010-2011
Chapter 3. Licenses
2030-2043
Chapter 4. Agents
2060-2063
Chapter 5. Eligible Securities
2081-2089
Chapter 6. Consumer Disclosures
2100-2107
Chapter 7. Examinations, Special Reports, and Records
2120-2127
Chapter 8. Additional Enforcement Provisions
2148-2153
Chapter 9. Miscellaneous Provisions
2170-2176
Applying for a License (or Acquisition of Control)
The DFPI uses the
Nationwide Multistate Licensing System and Registry (NMLS)
to manage money transmitter licenses. Through NMLS, companies will have the option to apply for, or amend, its license conveniently and safely online.
Prospective applicants for a new money transmitter license or an acquisition of control should review and understand the laws and regulations that govern money transmission in California. Applicants should then arrange for a pre-filing meeting with the Money Transmitter Division staff. The prospective applicant should contact
[email protected]
to arrange for a copy of pre-filing materials and make an appointment.
Prospective applicants whose business relates to crypto assets should contact the DFPI Crypto Unit at
[email protected]
The purpose of the pre-filing meeting is to answer the prospective applicant’s questions about the process and regulatory requirements, and to help the DFPI process the application in a timely manner. The meeting also helps prospective applicants prepare an application that meets all the requirements of California and federal law. The pre-filing meeting should be conducted before the applicant files any application through NMLS. The meeting may occur in-person or virtually, depending on the availability of applicant and DFPI participants.
Applications may be filed via the NMLS, instructions for which can be found on the New Application Checklist for new license applications and the Amendment Checklist for acquisition of control applications.
The filing fee is five thousand dollars ($5,000) for a new license and is not refundable in the event an application is incomplete or inadequate.
A successful applicant will be able to demonstrate a working knowledge of the laws and regulations that govern money transmitters and be ready to present a proposed business plan.
DFPI Portfolio Managers are available to confer with you to discuss questions in advance of conducting a pre-filing meeting or filing an application. However, no application will be decided in advance of filing. You may contact DFPI Portfolio Management via
[email protected]
. If you are a prospective applicant whose business relates to crypto assets, please contact the DFPI Crypto Unit at
[email protected]
News & Info Links
Newsroom
Press Releases
Monthly Bulletins
Important Notices
How to reach us:
Department of Financial Protection and Innovation
Division of Corporations and Financial Institutions
One Sansome Street, Suite 600
San Francisco, CA 94104-4428
Phone: (415) 263-8500
E-mail:
[email protected]