Money Servicers

The State of Vermont participates in the Nationwide Multistate Licensing System (NMLS).  All applications for a money transmitter license or check cashing & currency exchange license must be submitted through NMLS.

NMLS logo

Licensed money transmitters are required to report authorized delegate locations using the Uniform Authorized Agent/Delegate Reporting (UAAR) functionality.  Additional information regarding UAAR is available at the NMLS Resource Center

Please direct inquiries to DFR.NMLS1@vermont.gov

Jurisdiction Specific Forms

Reports

  • NMLS MSB Call Report fulfills Vermont’s Quarterly Activity Reports and the Annual Report of Licensee

Vermont Related/Referenced Statutes & Regulations


 

Who is required to have this license?

  • Any company or person who engages in the business of selling or issuing payment instruments, selling or issuing stored value, or receiving money or monetary value for transmission to a location within or outside of the United States.
  •  Any person engaged in check cashing whereby they receive at least $500.00 compensation within a 30-day period, i.e. taking payment instruments or stored value, other than traveler’s checks, in exchange for money, payment instruments, or stored value.
  • Any person engaged in currency exchange whereby they receive revenues equal to or greater than 5% of total revenues from the exchange of money of one government for the money of another government.

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Who does not need this license?

The following is a partial list of exceptions.  For a complete list of exceptions, please refer to 8 V.S.A. § 2501

  • a financial institution
  • the United States Postal Service
  • a board of trade designated as a contract market , under the Commodity Exchange Act
  • a person that provides clearance or settlement services pursuant to a registeration as a clearing agency under the federal securities laws
  • an operator of a payment system that provides processing, clearing, or settlement services, between or among persons licensed as a money servicer or excluded from licensure, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearing house transfers, or similar funds transfers.
  • a person registered as a securities broker-dealer under federal or state securities law
  • a seller of goods or services that cashes payment instruments incidental to or independent of a sale and does not charge in excess of $1.00 for cashing the payment instrument
  • a Vermont licensed debt adjuster

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What are the fees?

Initial Application:

Money Transmitter - $1,600.00 (includes a $500.00 Licensing Fee, a $1,000.00 Investigation Fee, and $100.00 NMLS Processing Fee)

Check Cashing & Currency Exchange License - $1,100.00 (includes a $500.00 Licensing Fee, a $500.00 Investigation Fee, and $100.00 NMLS Processing Fee)

Additional Applications:

Branch registration ( locations owned & operated by the licensee, including limited station and mobile units) - $20.00  NMLS processing fee)

Renewal:

Corporate licenses - $600.00 (Includes $100 NMLS processing fee)

Branch licenses - $20.00  NMLS processing fee

Change in Control: $500.00

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What are the pre-requisites for license application?

Applicant, or any of such members, officers, directors, or persons in control of the applicant, can not have been convicted of a felony or have a record of defaulting in the payment of money collected for others, including the discharge of such debts through bankruptcy proceedings.

Bond amount:

Money Transmitter - $100,000.00, minimum amount (the bond amount increases by $10,000.00 per location, not to exceed $500,000.00).  Commissioner may increase the amount of security required to a maximum of $2,000,000.00.

Check Casher/Currency Exchanger – No bond requirement.

Registered Agent recorded with the Vermont Secretary of State.

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PDF icon MS_Assessment_Worksheet_YE2016.pdf87.45 KB