Application Forms - Money Transmitters
In response to the rapidly evolving national health emergency, the SCC is directing all business with the Commission to be handled through electronic filing systems, email, or by telephone. The Bureau of Financial Institutions is therefore requesting that all application forms and any related supporting documentation be submitted via email to BFIApplications@scc.virginia.gov. PLEASE DO NOT MAIL IN CHECKS OR CASH FOR THE ASSOCIATION APPLICATION FEES. Upon receipt of your application, we will confirm receipt and generate an invoice with instructions on how to remit the fees online.
Chapter 19 of Title 6.2 of the Code of Virginia requires the licensing of persons
wishing to engage in the business of selling money orders or providing money transmission
services to any consumer residing in the Commonwealth of Virginia, whether or not
the person has a location in the Commonwealth. Sections 6.2-1903, 6.2-1904 and 6.2-1906
of the Code of Virginia set forth the qualifications for licensing. The Commission
must make a finding that the applicant will be able to and will perform its obligations
to purchasers of money transmission services and purchasers, payees, and holders
of money orders sold by it and its agents, and that an applicant, and its members,
senior officers, directors, and principal stockholders have the financial responsibility,
character, reputation, experience and general fitness to warrant belief that the
business will be operated efficiently and fairly, in the public interest and in
accordance with law and regulations. We consider all the factors required by the
Code to make a determination whether a particular applicant qualifies. The applicant
will be given the opportunity to talk to the analyst handling the application to
discuss his/her experience and demonstrate he is knowledgeable of the business and
familiar with Virginia laws and regulations and applicable federal laws. We do not
administer a separate written exam and do not offer courses.
Along with the application form and fee, applicants must provide current financial
statements audited by a licensed certified public accountant. Each licensee under
this chapter shall at all times have a net worth of not less than $200,000, or a
higher amount not to exceed one million dollars as determined by the Commission,
calculated in accordance with generally accepted accounting principles.
In addition, a surety bond in the principal amount as determined by the Commission
but not less than $25,000 nor more than $500,000 is required. The amount of bond
required of a new licensee shall be based upon the applicant's financial condition,
capitalization, projected Virginia monthly money order sales and/or money transmission
volume, experience, and other factors deemed pertinent. As an alternative to the
surety bond, applicants may provide a security device (Deposit Agreement) in lieu
of a surety bond.
Applicants must be registered with the Financial Crimes Enforcement Network (FinCEN)
of the United States Treasury Department pursuant to the Bank Secrecy Act (BSA).
For the federal requirements under the BSA, registration forms, and federal guidance
in several languages, visit www.fincen.gov/financial_institutions/money-services-businesses.
Following are the applications and related forms for a new money transmitter or
for the acquisition of an existing licensee. Each application form includes filing
instructions. The applications require the filing of supplemental forms. In each
instance, the appropriate supplemental forms are listed directly following the application
form. It is important to carefully read and follow all instructions and to provide
full and complete responses. Investigation of the application may be delayed if
the application is incomplete.
Applicants for a license to become a money transmitter should carefully review all
related laws and regulations governing money transmitters prior to submitting an
application. Links to related laws and regulations appear below. Code and Regulation
Sections can be viewed and downloaded individually or a report of multiple Sections
can be created and downloaded. To download multiple Sections click on “create report”
at the beginning of the table of contents for the specific Chapter and enter the
beginning and ending Section of the sequence you wish to download. It is your responsibility
to read and comply with all applicable laws and regulations.
Note: Links to the Code of Virginia and Virginia Administrative Code in the menus
below are external links and will take you off
the SCC website.
- Click on the appropriate application form and download the PDF file. Instructions
for each application are included in the application form.
- Download each supplemental form related to the specific application. (Applicable
supplemental forms will be listed immediately following the application form).
- Read and follow all instructions in completing the application.
- Once the application has been completed, review the form making sure that all items
have complete responses, the application is properly signed, and any required supplemental
forms have been completed and included as part of the application package.
- New applicants should view and download applicable laws and regulations listed above
by clicking on each item in the dropdown boxes. Sections of applicable chapters
of the Code of Virginia can be printed individually or multiple Sections can be
downloaded by clicking on “create report” at the beginning of the table of contents
for the specific Chapter and enter the beginning and ending Section of the sequence
you wish to download.
- Since new applicants are required to have knowledge of legal requirements it is
important for the applicant to read and understand all related laws and regulations
before applying for the license.
- LICENSE TO ENGAGE IN THE MONEY TRANSMISSION AND/OR MONEY ORDER
- ACQUIRE CONTROL OF A MONEY TRANSMITTER LICENSEE
- CCB-5514 Application for Permission to
Acquire Control of a Money Transmitter Licensee Pursuant to Section 6.2-1914 of
the Code of Virginia
- SUPPLEMENTAL FORMS
- CCB-1123 Personal Financial Report and
- CCB-1143 Limited Personal Financial Report
and Disclosure Statement
- CCB-1149 Depository Institution Authorization
- CCB-1150 Employment and Business Affiliation
- CCB-5531 Criminal History Records Consent and Fingerprinting Instructions
Note: All applications are investigated by the Bureau
of Financial Institutions. Certain application decisions are made by the Commissioner
of Financial Institutions under delegated authority from the State Corporation Commission.
In the event you wish to appeal either a determination made by the Bureau of Financial
Institutions in the course of its investigation of your application or the Commissioner
of Financial Institutions’ decision on your application, you may request a formal
review by the State Corporation Commission in accordance with its
Rules of Practice and Procedure