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Money Transmitters — Requirements for Licensure
Please note: All application material must be one-sided documents. Additionally, a money transmitter application can be submitted through the Nationwide Multistate Licensing System (NMLS)
The NMLS website provides step-by-step instructions on how to access the system, guides on how to complete the MU forms, each state's transition plans and requirements, tutorials, current and future participating states, system alerts, system processing fees and general background information.
- $500 initial application fee. The fee is nonrefundable.
- $1,000 license fee. This fee will be refunded if the application is denied.
- Net Worth Qualifications — Each licensee shall have at all times a net worth of not less than $100,000. Net worth shall be calculated in accordance with generally accepted accounting principles.
- Good Standing — Every corporate applicant must be in good standing in the state of its incorporation. All noncorporate applicants shall be registered or qualified to do business in South Dakota.
- Surety Bond — Each licensee must provide a surety bond or other similar security device acceptable to the director in the amount of $100,000.
- Statutory Trust — Each licensee must at all times possess permissible investments having an aggregate market value of not less than the aggregate face amount of all outstanding payment instruments sold by the licensee or reported as sold by an authorized delegate, to the extent the dollar volume exceeds the surety bond.
- Background Investigation — Each applicant for licensure as a money transmitter, except publicly traded corporations and their subsidiaries, shall submit to a state and federal criminal background investigation through means of finger print checks by the Division of Criminal Investigation and the Federal Bureau of Investigation. The applicant shall pay for any fees charged for the cost of fingerprinting or the criminal background investigation.