Money Transmitter Division

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.

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
Fax: (415) 288-8830
E-mail: licensing@dfpi.ca.gov

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.

Publications

Laws and Regulations

Tools and Resources

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	2100-2106
Chapter 7. Examinations, Special Reports, and Records	2120-2124
Chapter 8. Additional Enforcement Provisions	2148-2153
Chapter 9. Miscellaneous Provisions	2170-2176

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.

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.

Applications for a new money transmitter license may also be completed using DFPI 2110 (linked below) and sent as PDF attachments to an email addressed to Patrick Carroll at patrick.carroll@dfpi.ca.gov. Completed applications may also be sent in hard copy to: Patrick Carroll, Licensing & Information Reporting Manager, Department of Financial Protection and Innovation, One Sansome Street, Suite 600, San Francisco, CA 94104-4428. The non-refundable fee of five thousand dollars ($5,000) may be sent as an ACH transfer. Email Mr. Carroll for ACH instructions. The fee may also be sent as a check made out to the Department of Financial Protection and Innovation to Mr. Carroll’s attention at the above address.

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.

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.