Ask Reggi Your Question Now

Reggi is the free generative AI assistance for regulatory compliance

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

To engage in the business of selling checks, issuing checks, or receiving money for transmission or transmitting the same in Delaware, you must obtain a license from the State Bank Commissioner [2.1].

Requirements

To obtain a money transmitter license in Delaware, you must meet the following requirements [2.1][2.3][1.2][2.6]:

License Renewal

Every holder of a money transmitter license in Delaware must renew their license annually at least 30 days prior to the expiration of such license [3.2].

The licensee shall pay to the Commissioner annually, together with its application for license renewal, a license fee of $200 for the ensuing calendar year [3.2].

Transferability of License

The money transmitter license in Delaware is not transferable or assignable [2.4].

Therefore, to obtain a money transmitter license in Delaware, you must submit a written application in the form prescribed by the State Bank Commissioner, provide the necessary information, and pay the required fees.