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

To obtain a money transmitter license in Mississippi, you must first obtain a license under MSCO 75-15-5 [1.2]. No person, except those specified in Section 75-15-7, shall engage in the business of money transmission, as a service or for a fee or other consideration, without having first obtained a license under this chapter.

To apply for a license, you must submit an application, a certified financial statement, a bond, proof of registration as a money service business, and a set of fingerprints under MSCO 75-15-11 [1.6]. The certified financial statements must show that the applicant has a net worth of at least Twenty-five Thousand Dollars ($25,000.00) plus Fifteen Thousand Dollars ($15,000.00) for each location in excess of one (1) at which the applicant proposes to conduct money transmissions in this state, computed according to generally accepted accounting principles, but in no event shall the net worth be required to be in excess of Two Hundred Fifty Thousand Dollars ($250,000.00).

Additionally, each licensee shall pay to the commissioner with their initial application a license fee of Seven Hundred Fifty Dollars ($750.00), and annually thereafter on or before April 1 of each year, a renewal fee of Four Hundred Dollars ($400.00), plus Fifty Dollars ($50.00) for each location in excess of one (1) in Mississippi through which the licensee plans to conduct money transmissions during the license year for which the fee is paid, provided that in no event shall the annual renewal fee exceed One Thousand Dollars ($1,000.00) under MSCO 75-15-15 [1.1].

The commissioner will investigate the financial responsibility, financial and business experience, character and general fitness of the applicant, and, if he deems it advisable, of its officers and directors, and if he finds that the applicant (and its officers and directors, if investigated) has the requisite qualifications to meet the requirements of this chapter and that its (or their) qualifications are such as to warrant the belief that the applicant’s business will be conducted honestly, fairly, equitably, carefully and efficiently and in a manner commanding the confidence and trust of the community, he shall issue to the applicant a license to engage in the business of money transmission subject to the provisions of this chapter under MSCO 75-15-13 [1.5].

If the bond or securities deposit required under MSCO 75-15-11 is less than Five Hundred Thousand Dollars ($500,000.00), the licensee may not at any time have a total amount in outstanding money transmissions or checks in Mississippi, in excess of the bond or securities deposit required of him under Section 75-15-11 under MSCO 75-15-25 [1.3].

However, please note that the existing response does not provide information on the eligibility requirements for the applicant. For check casher license, an applicant shall not have been convicted of a felony in the last ten (10) years or be active as a beneficial owner for someone who has been convicted of a felony in the last ten (10) years, and must file with the commissioner a bond with good security in the penal sum of Ten Thousand Dollars ($10,000.00), payable to the State of Mississippi for the faithful performance by the licensee of the duties and obligations pertaining to the business so licensed and the prompt payment of any judgment which may be recovered against the licensee on account of charges or other claims arising directly or collectively from any violation of the provisions of this article under MSCO 75-67-509 [2.1].

There is also an exemption from license requirement for certain entities under MSCO 75-15-7 [1.4].

If you wish to obtain a license by reciprocity/endorsement, you may be eligible provided you meet the requirements under 30 MSAC Part 2401 Chapter 7 Rule 7.1 [3.1].

In summary, to obtain a money transmitter license in Mississippi, you must submit an application, a certified financial statement, a bond, proof of registration as a money service business, and a set of fingerprints under MSCO 75-15-11. Additionally, you must pay the required fees under MSCO 75-15-15, and the commissioner will investigate your financial responsibility, financial and business experience, character and general fitness under MSCO 75-15-13. Please note that there are eligibility requirements for the applicant under MSCO 75-67-509, and there is an exemption from license requirement for certain entities under MSCO 75-15-7. If you wish to obtain a license by reciprocity/endorsement, you may be eligible provided you meet the requirements under 30 MSAC Part 2401 Chapter 7 Rule 7.1.