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Can I obtain a money transmitter license in Arkansas? What are the requirements?

Yes, you can obtain a money transmitter license in Arkansas. The requirements for obtaining a license are outlined in ARCO 23-55-202 [3.2] and ARAR 214.00.3-201 [1.1].

Requirements for Money Transmitter License

To obtain a money transmitter license in Arkansas, you must submit an application to the commissioner. The application must include the following information:

If the applicant is a corporation, limited liability company, partnership, or other entity, the applicant shall also provide:

A nonrefundable application fee of $1,500 and a license fee of $375 must accompany an application for a license under this article. The license fee must be refunded if the application is denied.

Money Transmitter License Required

According to ARAR 214.00.3-201 [1.1], a person engages in the business of money transmission if the person conducts money transmission for persons located in this state or conducts money transmission from a physical location in this state for persons located outside this state and receives compensation or expects to receive compensation, directly or indirectly, for conducting the transmissions. A person engaging in the business of money transmission shall be presumed to solicit, advertise, or hold itself out as a person that engages in the business of money transmission in this state if the person fails to provide a disclaimer listing either the states in which it is licensed or the states in which it is not licensed.

Conclusion

To obtain a money transmitter license in Arkansas, you must submit an application to the commissioner and meet the requirements outlined in ARCO 23-55-202 [3.2]. Additionally, according to ARAR 214.00.3-201 [1.1], a license is required for conducting money transmission for persons located in Arkansas or conducting money transmission from a physical location in Arkansas for persons located outside the state.