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

To obtain a money transmitter license in New Jersey, you must comply with the requirements set forth in the New Jersey Money Transmitters Act, 17:15C-1 et seq. If you are applying for an initial license, you must submit a completed application form, an original, executed bond or an irrevocable letter of credit, an audited financial statement, and the application fee. In addition, you must provide personal certifications, photographs, fingerprints, and any additional information requested by the Commissioner.

The net worth requirements for an initial license as a money transmitter are not less than $100,000, calculated in accordance with generally accepted accounting principles, plus an additional net worth of $25,000 per location or agent to be located in this State, as applicable, up to a maximum of $1,000,000 [1.2].

No person shall act as a money transmitter or as a foreign money transmitter without holding, in good standing, a license under the Act, unless that person is exempt from licensure pursuant to section 3 of the Act [1.3].

The application fee for an initial license is in accordance with 3:23-2.1 and is nonrefundable [1.4].

For bond or security device requirements, a person who seeks an initial license to engage in the business of a money transmitter or in the business of foreign money transmitter shall comply with the requirements of 17:15C-8 and shall obtain a surety bond, utilizing a bond form provided by the Department, from a surety company authorized to do business in this State, or an irrevocable letter of credit, or a security device, authorized by the Commissioner in the amounts stated in chapter Appendix A which is incorporated herein by reference [1.5].

There is no information available on any additional requirements for obtaining a money transmitter license in New Jersey.