Money Transmitter Division

How to reach us:

Announcements

NMLS Call Report

Starting with the first quarter call reports for calendar year 2017, licensees that have transitioned to the NMLS for California must file the NMLS MSB Call Report directly through the NMLS. The first quarter call report is due by May 15, 2017. In addition, licensees must continue to submit financial information that is not reported on the NMLS MSB Call Report directly with the DFPI through our California Call Report. These forms and directions are available at the following link:

Call Report Forms

NMLS License Management Program

On January 15, 2016 the DFPI began using 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. Current California-licensed money transmitters may transition their licenses to NMLS at that time. Information on transitioning your license to NMLS.

Publications

• Directory of Money Transmitters
• Money Transmitter Forms

Laws and Regulations

• California Legislative Information – California Financial Code Reference
• California Legislative Information – California Financial Code – Division 1.2, Section 2000 – 2176
• Money Transmission Act
• Federal Laws and Requirements Applicable to Money Transmitters
• Invitation for Comments- Money Transmission Act – Agent of Payee Regulations
• Actions, Orders and Administrative Hearing Decisions
• Division of Financial Institutions Final Opinions Letters
• Regulatory and Industry Links

Tools and Resources

• Money Transmitters FAQ
• Money Transmitters Receipts
• Order Regarding Eligible Securities Ratings and Rating Services – Revised – February 23, 2012 (PDF)

MONEY TRANSMISSION ACT

The Department is a member of the Money Transmitter Regulators Association (MTRA).

Once the prospective applicant for a new money transmitter license or acquisition of control understands the laws and regulations that govern money transmission in California, it is highly recommended that the applicant arrange for a pre-filing meeting with the Money Transmitter Division staff. The prospective applicant may contact Mr. Oscar Lumen at (415) 263-8577 or by email at Oscar.lumen@dfpi.ca.gov or Mr. Jonathan Lee at (213) 435-3921 or by email at Jonathan.Lee@dfpi.ca.gov to arrange for a copy of pre-filing materials and make an appointment.

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 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. The Department recommends these meetings occur in-person at the San Francisco Office, however other arrangements are acceptable. For acquisition of control applicants, this step is highly recommended, especially if the applicants are not known to the Money Transmitter Division staff.

The 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.

Completed applications for new money transmitter license, along with the non-refundable fee of five thousand dollars ($5,000) made out to the Department of Financial Protection and Innovation, should be addressed to Mr. Patrick Carroll, Strategic Support Manager, Department of Financial Protection and Innovation, Division of Financial Institutions, One Sansome Street, Suite 600, San Francisco, CA 94104-4428. You may contact him at (415) 263-8559 or by email at patrick.carroll@dfpi.ca.gov

Money Transmitter Forms

Notice to Individual – Use of Information The following items comprise the application package for a license to engage in the business of money transmission.

• 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 2110 – Application for a License to Engage in the Money Transmission Business (PDF)
  • Instructions (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 2120 English – Unlicensed Money Transmitter Complaint (PDF)
• DFPI 2120 Spanish -Unlicensed Money Transmitter Complaint/Queja Con Respecto A Un Transmisor De Dinero No Authorizado (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. 2013-0819-05 FP (PDF)
  • OAL File No. 2013-0819-06 FP (PDF)

Oscar Lumen and Jonathan Lee are available to confer with you in advance of filing an application for the purpose of discussing questions related to the application. However, no application will be decided in advance of filing. You may contact Oscar Lumen at (415) 263-8577 or by email at Oscar.Lumen@dfpi.ca.gov or Jonathan Lee at (213) 435-3921 or by email at Jonathan.Lee@dfpi.ca.gov. Also, the forms needed for fingerprinting are not available on the internet, but may be received by contacting the Department of Justice (“DOJ”) in Sacramento. DOJ contact number can be obtained by contacting Jean Nosaka at (415) 263-8555 or email at jean.nosaka@dfpi.ca.gov.