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
- Complete the division’s application form and include all requested documentation
- Provide proof of current business registration with the Oregon Secretary of State
- Provide a surety bond agreement or deposit form in Word or PDF required by statute
- Provide 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
- Provide a five-year work history and a completed and signed Criminal Background and Credit Check Authorization Form in Word or PDF for each owner, partner, or manager of the business
- Submit a nonrefundable $1,000 application fee
All money transmitters must develop and implement an anti-money laundering compliance program as required by the USA Patriot Act, Section 352. Attach to your application a description of your program. 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.
At the time of renewal, licensees must submit a renewal application in Word or PDF that includes their most recently audited financial statements and the most recently unaudited financial statements.
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.