State-by-State Licensing Requirements Quick Reference Table
This appendix provides a comprehensive reference for money transmitter licensing requirements across all US states, DC, and relevant territories. The requirements listed reflect the current regulatory landscape as of 2026. However, money transmitter regulation is dynamic. States regularly update their statutes, adjust fee structures, and modify requirements. Verify all information with the regulating agency in your specific jurisdiction before relying on it for licensing decisions.
ALABAMA
License Name: Money Transmitter License Regulating Agency: Alabama Securities Commission MTL Required: Yes, if engaged in money transmission business Surety Bond Requirement: Yes, $250,000 - $500,000 (based on transaction volume and business model) Net Worth Requirement: $200,000 minimum tangible net worth Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Alabama requires annual audited financial statements. Licensees must notify the commission within 10 days of any material changes to their business. Trust account verification required.
ALASKA
License Name: Money Transmitter License Regulating Agency: Alaska Department of Commerce, Community and Economic Development MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: Alaska allows remote licensure. Branch offices require separate filings. Custody and handling procedures must be documented.
ARIZONA
License Name: Money Transmitter License Regulating Agency: Arizona Department of Financial Institutions MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $300,000 minimum tangible net worth Application Fee: $750 Renewal Fee: $750 annually Special Notes: Arizona requires quarterly financial reporting. Background checks on all principals and controlling shareholders. Consumer protection provisions are extensive.
ARKANSAS
License Name: Money Transmitter License Regulating Agency: Arkansas Securities Commissioner MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $200,000 Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Arkansas allows agents to operate under licensee supervision. Written procedures for error resolution required. Customer funds must be held in trust.
CALIFORNIA
License Name: Money Transmitter License Regulating Agency: California Department of Financial Protection and Innovation (DFPI) MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 based on transaction volume Net Worth Requirement: $250,000 - $500,000 depending on business model Application Fee: $1,000 Renewal Fee: $1,000 annually (plus annual report fee of $500) Special Notes: California is one of the most active and aggressive regulators. DFPI requires extensive AML program documentation. Cybersecurity provisions are mandatory. California allows cryptocurrency MTL. Digital assets add regulatory complexity.
COLORADO
License Name: Money Transmitter License Regulating Agency: Colorado Division of Banking MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: Colorado's requirements are relatively streamlined compared to larger states. Background checks on owners of 10% or more. Financial statements required annually.
CONNECTICUT
License Name: Money Transmitter License Regulating Agency: Connecticut Department of Banking MTL Required: Yes Surety Bond Requirement: $150,000 - $500,000 Net Worth Requirement: $150,000 minimum Application Fee: $750 Renewal Fee: $750 annually Special Notes: Connecticut requires detailed internal control procedures. Customer complaints must be reported to the department. Audit requirements are strict.
DELAWARE
License Name: Money Transmitter License Regulating Agency: Delaware Department of Finance, Division of Corporations MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 Application Fee: $1,500 Renewal Fee: $1,500 annually Special Notes: Delaware has relatively clear statutory guidance. Licensees can operate agent networks. Wyoming-like approach to charter. Some operators use Delaware as a processing entity.
DISTRICT OF COLUMBIA
License Name: Money Transmitter License Regulating Agency: DC Department of Insurance, Securities and Banking (DISB) MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: DC has become increasingly active in money transmitter regulation. Cybersecurity requirements are explicit. Data breach notification required within specified timeframe.
FLORIDA
License Name: Money Transmitter License Regulating Agency: Florida Office of Financial Regulation MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Florida is a high-volume market. Surety bond amounts are strictly enforced. OFR conducts regular examinations. Anti-money laundering requirements are comprehensive.
GEORGIA
License Name: Money Transmitter License Regulating Agency: Georgia Department of Banking and Finance MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $200,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Georgia's process is relatively standard. Agents must be supervised. Quarterly reports required from larger operators. Trust account reconciliation is mandatory.
HAWAII
License Name: Money Transmitter License Regulating Agency: Hawaii Department of Commerce and Consumer Affairs, Division of Financial Institutions MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: Hawaii is a smaller market geographically. Requirements are reasonable. Background investigation is thorough. Remote licensing available.
IDAHO
License Name: Money Transmitter License Regulating Agency: Idaho Department of Finance MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: Idaho's statute is clear and operator-friendly. One of the more straightforward states for licensing. Agent supervision requirements are reasonable.
ILLINOIS
License Name: Money Transmitter License Regulating Agency: Illinois Secretary of State, Department of Financial and Professional Regulation MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Illinois has strong consumer protection provisions. Background checks are thorough. Fraud investigations are common. Regulatory response times are reasonable.
INDIANA
License Name: Money Transmitter License Regulating Agency: Indiana Department of Financial Institutions MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Indiana allows agent networks. Trust account requirements are clear. Audit frequency is reasonable. Customer service requirements are modest.
IOWA
License Name: Money Transmitter License Regulating Agency: Iowa Department of Commerce, Division of Banking MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: Iowa is less restrictive than some large states. Licensing timeline is reasonable. Agent requirements are standard. Financial reporting is annual.
KANSAS
License Name: Money Transmitter License Regulating Agency: Kansas Office of State Bank Commissioner MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: Kansas has straightforward licensing. Background investigation standard. Trust account rules are clear. Agent supervision requirements are reasonable.
KENTUCKY
License Name: Money Transmitter License Regulating Agency: Kentucky Department of Financial Institutions MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: Kentucky's approach is relatively standard. Agent networks allowed. Audit requirements are modest. Licensing timeline is reasonable (60-90 days).
LOUISIANA
License Name: Money Transmitter License Regulating Agency: Louisiana Office of Financial Institutions MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Louisiana has become more active in enforcement. Compliance requirements are increasingly strict. Trust account verification is required. Fraud prevention is emphasized.
MAINE
License Name: Money Transmitter License Regulating Agency: Maine Department of Professional and Financial Regulation, Bureau of Consumer Protection MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: Maine is a smaller market. Licensing is straightforward. Background investigation required. Trust account rules are clear and reasonable.
MARYLAND
License Name: Money Transmitter License Regulating Agency: Maryland Department of Labor, Division of Financial Regulation MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Maryland is increasingly active in regulation. Cybersecurity provisions required. AML compliance is strictly enforced. Examination frequency is regular.
MASSACHUSETTS
License Name: Money Transmitter License Regulating Agency: Massachusetts Department of Banking and Finance MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Massachusetts has strong consumer protection laws. Compliance burden is significant. Examination schedule is frequent. Data protection requirements are strict.
MICHIGAN
License Name: Money Transmitter License Regulating Agency: Michigan Department of Insurance and Financial Services MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Michigan is an active regulator. Compliance expectations are high. Trust account reconciliation is frequent. Background checks are thorough.
MINNESOTA
License Name: Money Transmitter License Regulating Agency: Minnesota Department of Commerce MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Minnesota requires comprehensive AML policies. Examination frequency is biennial. Consumer complaint procedures are strict. Data security is emphasized.
MISSISSIPPI
License Name: Money Transmitter License Regulating Agency: Mississippi Department of Banking and Consumer Finance MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: Mississippi is less restrictive than some states. Licensing timeline is reasonable. Agent requirements are standard. Financial reporting is annual.
MISSOURI
License Name: Money Transmitter License Regulating Agency: Missouri Department of Commerce, Division of Finance MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Missouri allows agent networks with clear supervision requirements. Trust account requirements are explicit. Quarterly reporting required for larger operators.
MONTANA
License Name: Money Transmitter License Regulating Agency: Montana Department of Administration, Division of Financial Institutions MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: Montana is a smaller market with reasonable requirements. Background check standard. Agent networks allowed. Licensing process is straightforward.
NEBRASKA
License Name: Money Transmitter License Regulating Agency: Nebraska Department of Banking and Finance MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: Nebraska's requirements are moderate. Financial statements required annually. Trust account procedures clear. Background investigation standard.
NEVADA
License Name: Money Transmitter License Regulating Agency: Nevada Division of Financial Institutions MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Nevada is known as operator-friendly but is becoming stricter. Licensing timeline is reasonable. Background checks on principals required. Trust account procedures required.
NEW HAMPSHIRE
License Name: Money Transmitter License Regulating Agency: New Hampshire Banking Department MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: New Hampshire is straightforward. Licensing process is reasonable. Background investigation required. Trust account rules are clear.
NEW JERSEY
License Name: Money Transmitter License Regulating Agency: New Jersey Department of Banking and Insurance MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: New Jersey is one of the most active regulators. Compliance burden is significant. Background investigations are thorough. Examination schedule is frequent.
NEW MEXICO
License Name: Money Transmitter License Regulating Agency: New Mexico Financial Institutions Division MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: New Mexico requirements are moderate. Licensing timeline is reasonable. Background check standard. Trust account reconciliation required.
NEW YORK
License Name: Money Transmitter License (also called BitLicense for crypto) Regulating Agency: New York Department of Financial Services (NYDFS) MTL Required: Yes Surety Bond Requirement: $10,000 - $500,000 (crypto adds $1-10M depending on assets under management) Net Worth Requirement: $5,000 - $1,000,000+ (crypto much higher) Application Fee: $5,000 - $10,000 Renewal Fee: $2,500 - $5,000 annually Special Notes: New York is the most stringent regulator in the US. BitLicense (for crypto) has much higher requirements. NYDFS examination is comprehensive and frequent. Cybersecurity requirements are extensive. Data protection is highly regulated. Applicants should expect 6-18 month timeline. Some operators avoid NY to escape regulatory burden.
NORTH CAROLINA
License Name: Money Transmitter License Regulating Agency: North Carolina Office of the Commissioner of Banks MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: North Carolina is moderately active. Trust account requirements are clear. Background checks are standard. Examination frequency is reasonable.
NORTH DAKOTA
License Name: Money Transmitter License Regulating Agency: North Dakota Department of Financial Institutions MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: North Dakota is operator-friendly with straightforward requirements. Licensing timeline is reasonable. Background investigation is standard.
OHIO
License Name: Money Transmitter License Regulating Agency: Ohio Department of Commerce, Division of Financial Institutions MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Ohio is moderately active. Trust account procedures required. Background checks on principals. Quarterly reporting for larger operators.
OKLAHOMA
License Name: Money Transmitter License Regulating Agency: Oklahoma Department of Consumer Credit MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: Oklahoma's approach is straightforward. Requirements are moderate. Licensing timeline is reasonable. Background check standard.
OREGON
License Name: Money Transmitter License Regulating Agency: Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Oregon is increasingly active. Compliance expectations are rising. Background investigations are thorough. Trust account requirements are strict.
PENNSYLVANIA
License Name: Money Transmitter License Regulating Agency: Pennsylvania Department of Banking and Securities MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Pennsylvania is moderately active. Trust account verification required. Background checks on principals. Examination frequency is reasonable.
RHODE ISLAND
License Name: Money Transmitter License Regulating Agency: Rhode Island Department of Business Regulation, Division of Banking MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Rhode Island is moderately active. Requirements are reasonably clear. Background investigation required. Licensing process is standard.
SOUTH CAROLINA
License Name: Money Transmitter License Regulating Agency: South Carolina Department of Consumer Affairs MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: South Carolina's approach is reasonable. Licensing timeline is standard. Background check required. Trust account procedures clear.
SOUTH DAKOTA
License Name: Money Transmitter License Regulating Agency: South Dakota Division of Banking MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: South Dakota is operator-friendly with moderate requirements. Licensing process is straightforward. Background investigation standard.
TENNESSEE
License Name: Money Transmitter License Regulating Agency: Tennessee Department of Financial Institutions MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Tennessee allows agent networks. Trust account requirements are clear. Background checks on principals required. Licensing timeline is reasonable.
TEXAS
License Name: Money Transmitter License Regulating Agency: Texas Department of Banking MTL Required: Yes Surety Bond Requirement: $300,000 - $500,000 Net Worth Requirement: $300,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Texas is a major market. Licensing requirements are clear and well-developed. Background investigations are thorough. Trust account verification required. Licensing timeline is reasonable (90-120 days).
UTAH
License Name: Money Transmitter License Regulating Agency: Utah Department of Financial Institutions MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: Utah's requirements are straightforward. Licensing process is reasonable. Background check standard. Agent networks allowed with clear supervision.
VERMONT
License Name: Money Transmitter License Regulating Agency: Vermont Department of Financial Regulation MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: Vermont is a smaller market. Requirements are moderate. Licensing timeline is reasonable. Trust account procedures straightforward.
VIRGINIA
License Name: Money Transmitter License Regulating Agency: Virginia Bureau of Financial Institutions MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Virginia is moderately active. Trust account requirements clear. Background investigations standard. Licensing process is reasonable.
WASHINGTON
License Name: Money Transmitter License Regulating Agency: Washington State Department of Financial Institutions MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Washington is an active regulator on the West Coast. Compliance expectations are high. Background checks thorough. Trust account procedures strict.
WEST VIRGINIA
License Name: Money Transmitter License Regulating Agency: West Virginia Division of Financial Institutions MTL Required: Yes Surety Bond Requirement: $100,000 - $250,000 Net Worth Requirement: $100,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: West Virginia's approach is straightforward. Licensing timeline is reasonable. Background investigation standard. Trust account reconciliation required.
WISCONSIN
License Name: Money Transmitter License Regulating Agency: Wisconsin Department of Financial Services MTL Required: Yes Surety Bond Requirement: $250,000 - $500,000 Net Worth Requirement: $250,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Wisconsin is moderately active. Trust account requirements clear. Background checks on principals required. Licensing process is standard.
WYOMING
License Name: Money Transmitter License Regulating Agency: Wyoming Department of Audit, Division of Banking MTL Required: Yes Surety Bond Requirement: $25,000 - $500,000 (lowest minimum bond in the US) Net Worth Requirement: $25,000 minimum (lowest in the US) Application Fee: $500 Renewal Fee: $500 annually Special Notes: Wyoming is known as the most operator-friendly state. Requirements are minimal compared to other states. This has made Wyoming a popular jurisdiction for MSB charters. Application process is streamlined. Licensing timeline is quick (30-60 days). Crypto-friendly statutes exist.
PUERTO RICO
License Name: Licence as Money Transmitter Regulating Agency: Puerto Rico Office of the Commissioner of Financial Institutions MTL Required: Yes Surety Bond Requirement: $100,000 - $500,000 Net Worth Requirement: $200,000 minimum Application Fee: $1,000 Renewal Fee: $1,000 annually Special Notes: Puerto Rico has special status under Act 60 for businesses relocating to the territory. Tax incentives available for qualifying businesses. Regulatory framework is developing. English-language support available. Licensing timeline is reasonable.
GUAM
License Name: Money Transmitter License Regulating Agency: Guam Department of Revenue and Taxation, Financial Institutions Division MTL Required: Yes Surety Bond Requirement: $50,000 - $250,000 Net Worth Requirement: $50,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: Guam is a smaller market. Requirements are moderate. Licensing timeline is reasonable. Local business presence preferred but not always required.
UNITED STATES VIRGIN ISLANDS (USVI)
License Name: Money Transmitter License Regulating Agency: USVI Office of the Commissioner of Financial Institutions MTL Required: Yes Surety Bond Requirement: $50,000 - $250,000 Net Worth Requirement: $50,000 minimum Application Fee: $500 Renewal Fee: $500 annually Special Notes: USVI is a developing financial market. Requirements are reasonable. Local business presence preferred. Licensing process is straightforward.