DFI uses the Nationwide Multistate Licensing System & Registry (NMLS) to manage money transmitter licenses. Through this system, a company can apply for, amend, and renew its license conveniently and safely online. Utilize the NMLS State Resource Center page for instructions.
NOTICE: Order of the Commissioner Regarding Receivables
By Order of the Commissioner signed Sept. 5, 2013, DFI has expanded the types of permissible investments money transmitters can maintain. 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.
Once DFI receives a complete application, processing time is approximately 45 days. We will send a letter of approval and a license certificate upon approval.
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.
Money transmitter licenses are renewed annually on Dec. 31. The renewal fee is $500. There also is a $100 NMLS processing fee.
For More Information
- Email Jeffrey Hornbeck or call 502-782-2094 with questions about applications, licensing, registration or exemptions.
- Email Rebecca Arthur or call 502-892-4130 with regulatory or compliance questions.
- For NMLS operational assistance, call 855-NMLS-123 or 855-665-7123.
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