Ask Reggi Your Question Now

Reggi is the free generative AI assistance for regulatory compliance

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

Yes, you can obtain a money transmitter license in North Carolina. The North Carolina Money Transmitters Act [1.3] requires that any person engaging in the business of money transmission in the state must obtain a license, unless exempted under G.S. 53-208.44 [1.1].

To obtain a license, you must file an application through the Nationwide Multistate Licensing System (NMLS) in a form acceptable to the Commissioner [1.2]. The application must be verified by oath or affirmation of the applicant or a designee thereof and must contain the following information [1.2]:

Upon request by the Commissioner or the Commissioner's designee, the applicant shall furnish any additional information necessary to enable the Commissioner to evaluate the application as required by G.S. 53-208.50 [1.2].

The Commissioner may make such investigations as the Commissioner deems necessary to determine if the applicant has complied with all applicable provisions of this Article and State and federal law [3.2].

The application shall be accompanied by payment of a two hundred fifty dollar ($250.00) application fee and a five hundred dollar ($500.00) investigation fee. These fees are not refundable or abatable, but, if the license is granted, payment of the application fee shall satisfy the fee requirement for the first license year or remaining part thereof [3.2].

In summary, to obtain a money transmitter license in North Carolina, you must file an application through the NMLS, provide detailed information about your business, pay the required fees, and comply with all applicable provisions of the North Carolina Money Transmitters Act and State and federal law.