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
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:
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.
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 – Regulations
- Actions, Orders and Administrative Hearing Decisions
- Selected Final Opinion Letters
- Regulatory and Industry Links
Tools and Resources
MONEY TRANSMISSION ACT
|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. Jonathan Lee at (213) 435-3921 or by email at Jonathan.Lee@dfpi.ca.gov or Laura Lopez-Rakauskas at (213) 200-1800 or by email at email@example.com 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 firstname.lastname@example.org. 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.
- 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
Jonathan Lee and Laura Lopez-Rakauskas 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 Jonathan Lee at (213) 435-3921 or by email at Jonathan.Lee@dfpi.ca.gov. You may contact Laura Lopez-Rakauskas at (213) 200-1800 or by email at email@example.com.