California money transmitter receipt requirements

California Money Transmitter Licensing Requirements:

Who needs to be licensed as a money transmitter licensee?

Under California statute, businesses receiving money for transmission within or outside the US must obtain a money transmitter license in California, whether the transmissions are physically in the state, or with, to or from persons located in California.

Specific license requirements for California money transmitters.

A pre-file meeting with the Money Transmitter Staff to demonstrate working knowledge of laws and regulations that govern money transmitters, and present proposed business plan
Applicant must be a corporation or an LLC, located within the US
$5,000 application fee
Biographical information of the business
Authorizations of Board of Directors
Criminal Convictions or material litigation within the last 10 years (of firm, officer, manager, or person in control)
Description of previous money transmission services and the services the company seeks to provide
List of proposed agents and locations
List of other state licenses, revocations, suspensions, disciplinary action
Information concerning bankruptcy or receivership proceedings
Sample form of payment instrument
Sample form of receipt for transactions involving money transmissions
Names and address of banks through which payments will be paid
Description of source of money or credit to be used by applicant
Date and location of incorporation
Certificate of good standing
Documents detailing organizational structure
10 year biographical history of business, including officers, managers, directors, and persons of control, and their educational background
Audited financial statements for previous year, and if available, two years prior. If subsidiary business, provide parent statements
Unconsolidated financial statements of preceding two years (audited or non-audited)
Copy of most recent SEC report, if publicly traded
Name and address of registered agent in California
Business plan for money transmission business and 3 years pro forma financial statements
Fingerprints and biographical document (e.g. passport, license, etc.)
Proposed compliance procedures

What are the California surety bonding requirements?

The amount will range from $250,000 to $7,000,000.