Money Transmitter Division

The Money Transmitter Division of DBO licenses and regulates money transmitters, which includes issuers of payment instruments (money orders), travelers checks and stored value.  The California money transmission laws are found in the California Financial code, Division 1.2, commencing with section 2000.  The full Money Transmission Act can be found here:

Division 1.2.  MONEY TRANSMISSION ACT

     Chapter 1.  General Provisions 2000-2003
     Chapter 2.  Exemptions 2010-2011
     Chapter 3.  Licenses 2030-2043
     Chapter 4.  Agents 2060-2063
     Chapter 5.  Eligible Securities 2081-2089
     Chapter 6.  Consumer Disclosures 2100-2106
     Chapter 7.  Examinations, Special Reports, and Records 2120-2124
     Chapter 8.  Additional Enforcement Provisions 2148-2153
     Chapter 9.  Miscellaneous Provisions 2170-2175

 

The Department is a member of the Money Transmitter Regulators Association (MTRA).

Once the prospective applicant for a new money transmitter license or acquisition of control understands the laws and regulations that govern money transmission in California, it is highly recommended that the applicant arrange for a pre-filing meeting with the Money Transmitter Division staff. The prospective applicant may contact Mr. Julio Prada at (415) 263-8540 or by email at julio.prada@dbo.ca.gov to arrange for a copy of pre-filing materials and make an appointment.

The purpose of the pre-filing meeting is to answer the prospective applicant’s questions about the process and regulatory requirements, and to help the DBO process the application in a timely manner.  The meeting also helps prospective applicants prepare an application that meets all the requirements of California and federal law. The filing fee is five thousand dollars ($5,000) for a new license and is not refundable in the event an application is incomplete or inadequate.  The Department recommends these meetings occur in-person at the San Francisco Office, however other arrangements are acceptable. For acquisition of control applicants, this step is highly recommended, especially if the applicants are not known to the Money Transmitter Division staff.

The successful applicant will be able to demonstrate a working knowledge of the laws and regulations that govern money transmitters and be ready to present a proposed business plan.

Completed applications for new money transmitter license, along with the non-refundable fee of five thousand dollars ($5,000) made out to the Department of Business Oversight, should be addressed to Mr. Patrick Carroll, Strategic Support Manager, Department of Business Oversight, Division of Financial Institutions, 45 Fremont Street, #1700 San Francisco, CA 94105-2219. You may contact him at (415) 263-8559 or by email at patrick.carroll@dbo.ca.gov

The supervisory and regulatory staff of the Money Transmitters Division may be reached at the following address:

How To Reach Us

Department of Business Oversight
Division of Financial Institutions

45 Fremont Street, Suite 1700
San Francisco, CA 94105-2219
Phone: (415) 263-8540
Fax: (415) 263-8508
E-mail: licensing@dbo.ca.gov

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