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

To obtain a money transmitter license in New Hampshire, you must complete and file one verified application through the Nationwide Multistate Licensing System and Registry, using the Nationwide Multistate Licensing System and Registry form. The application must include the following information:

Additionally, each money transmitter applicant shall post a continuous surety bond in the amount of $100,000. The surety bond shall be payable to the state of New Hampshire and the bank commissioner of the state of New Hampshire for the benefit of any person who is damaged by any violation of this chapter and shall be conditioned upon the licensee's compliance with each provision of this chapter.

Each licensee shall maintain a net worth of the lesser of its average daily outstanding money transmissions for the prior calendar year or $1,000,000 and file a statement of net worth pursuant to RSA 399-G:10, II(e) [1.6].

Each license issued under the provisions of this chapter shall state the name and address of the principal office of the licensee. Each registration issued under the provisions of this chapter shall state the name and address of the authorized delegate location for which that registration is issued. It shall be unlawful to engage in the business of money transmission without a conspicuously posted license in the licensee's principal office within this state or a conspicuously posted registration in each of the licensee's authorized delegate offices within this state [1.2].

Each licensee shall submit to the Nationwide Multistate Licensing System and Registry reports of condition, which shall be filed within the time prescribed by the Nationwide Multistate Licensing System and Registry, in such form and shall contain such information as the Nationwide Multistate Licensing System and Registry may require, including but not limited to the money services business call report. Each licensee shall file, under oath, its financial statement through the Nationwide Multistate Licensing System and Registry within 90 days from the date of its fiscal year end. The financial statement shall be prepared in accordance with generally accepted accounting principles with appropriate note disclosures and, unless excepted by an order from the commissioner for hardship reasons, shall be audited by an independent certified public accountant. The financial statement shall include or be accompanied by a calculation that reflects the fiscal year's average daily outstanding money transmissions as defined by RSA 399-G:1, IV in United States dollars. A money transmitter's financial statement shall include: (a) A balance sheet; (b) Income statement; (c) Statement of changes in owners' equity; (d) A cash flow statement; and (e) A statement of net worth. The department shall publish its analysis of the information required in the licensee's call report as a part of the commissioner's annual report. Any money transmitter failing to file either the call report or the financial statement required by this section within the time prescribed may be required to pay to the banking department a penalty. The penalty shall be $25 for each calendar day the call report or financial statement is overdue up to a maximum penalty of $625 per call report or $2,500 per financial statement. In addition to the call report and financial statement, the banking department may require such additional regular or special reports as it may deem necessary for the proper supervision of licensees under this chapter [1.3].

Upon the applicant's filing of the complete application, and payment of the required fee, the commissioner shall have, in accordance with RSA 541-A:29, up to 120 days to investigate and determine whether the applicant's financial resources, experience, personnel, and record of past or proposed conduct warrant the public's confidence and the issuance of a license. If the commissioner determines that the applicant meets the requirements of this chapter, then the commissioner shall issue a license and or registrations permitting the applicant to engage in the business of money transmission in accordance with the laws of this state. Each license or registration shall remain in force until it has been surrendered, revoked, or suspended in accordance with the provisions of this chapter, or expires in accordance with the provisions of this chapter. Each license or registration shall expire on December 31 of each calendar year. If a person holds a valid license or registration under this section and is in compliance with this chapter and the rules pursuant to this chapter, such licensee may renew the principal office license and authorized delegate registrations by paying the required fee to the banking department on or before December 31 for the ensuing year that begins on January 1. Failure to renew the license or registration shall result in the license or registration terminating on December 31 [1.5].

Therefore, to obtain a money transmitter license in New Hampshire, you must complete and file one verified application through the Nationwide Multistate Licensing System and Registry, using the Nationwide Multistate Licensing System and Registry form. Additionally, each money transmitter applicant shall post a continuous surety bond in the amount of $100,000. Each licensee shall maintain a net worth of the lesser of its average daily outstanding money transmissions for the prior calendar year or $1,000,000 and file a statement of net worth pursuant to RSA 399-G:10, II(e). Each license issued under the provisions of this chapter shall state the name and address of the principal office of the licensee. Each registration issued under the provisions of this chapter shall state the name and address of the authorized delegate location for which that registration is issued. It shall be unlawful to engage in the business of money transmission without a conspicuously posted license in the licensee's principal office within this state or a conspicuously posted registration in each of the licensee's authorized delegate offices within this state. Each licensee shall submit to the Nationwide Multistate Licensing System and Registry reports of condition and file its financial statement through the Nationwide Multistate Licensing System and Registry within 90 days from the date of its fiscal year end. The commissioner shall have up to 120 days to investigate and determine whether the applicant's financial resources, experience, personnel, and record of past or proposed conduct warrant the public's confidence and the issuance of a license. Each license or registration shall remain in force until it has been surrendered, revoked, or suspended in accordance with the provisions of this chapter, or expires in accordance with the provisions of this chapter. Each license or registration shall expire on December 31 of each calendar year. If a person holds a valid license or registration under this section and is in compliance with this chapter and the rules pursuant to this chapter, such licensee may renew the principal office license and authorized delegate registrations by paying the required fee to the banking department on or before December 31 for the ensuing year that begins on January 1. Failure to renew the license or registration shall result in the license or registration terminating on December 31 [1.2][1.3][1.5][1.6].