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Public Protection Cabinet

Money Transmitters

NOTICE:  Money Transmitters Now Use NMLS
DFI is now exclusively using the NMLS to manage money transmitter licenses starting July 19, 2013, by Order of the Commissioner. ​Through this system, a company can apply for, amend and renew its license conveniently and safely online. Instructions can be found here.
 
NOTICE: Order of the Commissioner Regarding Receivables
By Order of the Commissioner signed Sept. 5, 2013, DFI has expanded the types of permissible investments that are maintainable by money transmitters. The Order clarifies and updates the standards for money transmitters regarding the use of ACH, debit card, and credit card receivables as permissible investments.
 
How to License a New Money Transmitter Company:
1. Read KRS 286.11.
2. Apply online using NMLS.
3. Submit all other required documents as described.
 
Upon receipt of a complete application, processing time is approximately 45 days, at which time you will receive a letter of approval and a license certificate.
 
The money transmitter licenses are renewed annually on Dec. 31. The renewal fee is $500. There also is a $100 NMLS processing fee.
 
NOTE: If the money transmitter individuals change, a new Money Transmission Business Applicant Individual Background Form must be submitted at that time.
 
How to Renew a Money Transmitter Company License:
1. Read KRS 286.11.
2. Complete the renewal online using NMLS.
3. Submit all other required documents as described.
 
The money transmitter licenses are renewed annually on Dec. 31. The renewal fee is $500. There also is a $100 NMLS processing fee.
 
NOTE: If the money transmitter individuals change, a new Money Transmission Business Applicant Individual Background Form must be submitted at that time.
 
For More Information
 
Contact Jonathan Bright by email or at 502-782-9034 or 844-354-0611 with questions regarding applications, licensing, registration or exemptions.
 
Contact Rebecca Arthur by email or at 502-429-3290, ext. 229, regarding regulatory or compliance questions.
 
For NMLS operational assistance, call 855-NMLS-123 (855-665-7123).

 

 Money Transmitter Documents

 
  
  
  
Permissible Investments Report-2014.xlsPermissible Investments Report-201448 KB
State License Confirmation Form.pdfState License Confirmation Form9 KB