Persons engaged in the business of money transmission must obtain a license from the Division of Banking. Money transmission is defined as the sale or issuance of payment instruments or stored value or of receiving money or monetary value for transmission to a location within or outside the United States by any means, including wire, facsimile or electronic transfer.
A licensee may conduct business in South Dakota at one or more locations, or through one or more authorized delegates, or both, under a single license.
The following forms are available in Adobe .pdf format*.
South Dakota Codified Law (SDCL) 51A-17 on Money Transmission
Administrative Rules of South Dakota (ARSD) Chapter 20:07:21 on Money Transmission Licenses
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