Money transmitter licensing
Businesses that want to provide money transmission services in Oregon must have a license with the division. Services include items such as electronic bill paying and wiring money within the U.S. and abroad.
How to apply
Submit an application through the Nationwide Multistate Licensing System (NMLS).
NMLS website has instructions on how to submit an application for Oregon,
or any other state. You can find the
checklist for an Oregon money transmitter license. NMLS has a resources
and support section that may be helpful, particularly for first-time users.
An application for a money transmitter license must also include the following:
- Upload to NMLS a copy of the agreement and disclosures
- Provide through NMLS an electronic surety bond in the minimum amount of
$25,000, plus $5,000 for each location that operates or will operate as a
branch or agent of the company for Oregon transactions up to a maximum bond
- Upload in NMLS your last audited financial statements and your most recent
unaudited financial statements showing a net worth of no less than $100,000,
plus $25,000 for each location or authorized delegate
- Upload a description of your anti-money laundering compliance program.
- Upload proof of current business registration with the Oregon
Secretary of State
- Upload in NMLS the Criminal Background and Credit Check Authorization Form
for each owner, partner, or manager of the business
When you are ready to submit your application, NMLS will collect the nonrefundable
$1,000 application fee as well as the $100 NMLS user fee (total of $1,100).
For more detailed information, review the
checklist in NMLS.
All money transmitters must develop and implement an anti-money laundering
compliance program as required by the USA Patriot Act, Section 352. The program,
at the minimum, should include:
- Development of internal policies, procedures, and controls
- Designation of a compliance officer
- An ongoing employee training program
- An independent audit function to test programs
- Documented approval and review by your board and/or senior management.
Help for non-English speakers
If you need help translating the application and directions, call 503-378-4140 and a receptionist will connect you to an examiner who can help you complete your application.
Offering check cashing services
If you are an Oregon-licensed money transmitter and want to offer check cashing services, you do not need to apply for a check cashing license. However, you still must comply with Oregon statutes regarding fee limits, fee posting requirements, recordkeeping, and other requirements as discussed in ORS 697.500 to 697.555. This exemption does not apply to your authorized delegates of licensed money transmitters. Authorized delegates must have a check cashing license to provide check cashing services.