|
If multiple license types are selected, the maximum application fee
is $500 and only one form is required.
Compliance
/ Vendor / Branch Locations
|
BUSINESSES – Application Requirements
|
| |
|
|
| |
Funds Transmitter |
Payment Instrument Issuer |
Check Casher |
Foreign Currency Exc. |
| Application
Fee * |
$500 |
$500 |
$250 |
$250 |
| Application
Forms |
OFR-MT-5-01 OFR-MT-7-01 |
OFR-MT-5-01 OFR-MT-7-01 |
OFR-MT-5-01 OFR-MT-7-01 |
OFR-MT-5-01 OFR-MT-7-01 |
| Signature
Requirements |
Notarized Signature of
Owner / Officer |
Notarized Signature of
Owner / Officer |
Notarized Signature of
Owner / Officer |
Notarized Signature of
Owner / Officer |
| Deferred
Presentment Transactions (DPP) Fee |
$1000 |
$1000 |
$1000 |
$1000 |
| DPP Form |
OFR-MT-3-01 |
OFR-MT-3-01 |
OFR-MT-3-01 |
OFR-MT-3-01 |
| Ownership
Schedule |
OFR-MT-5-01, Section
2 |
OFR-MT-5-01, Section
2 |
OFR-MT-5-01, Section
2 |
OFR-MT-5-01, Section
2 |
| Biographical
Information Form |
OFR-MT-7-01 |
OFR-MT-7-01 |
OFR-MT-7-01 |
OFR-MT-7-01 |
|
Fingerprint Card
and $42.25 Processing Fee |
Required for each executive
officer, director, member, principal, sole proprietor, controlling shareholder(s)
and responsible person |
Required for each executive
officer, director, member, principal, sole proprietor, controlling shareholder(s)
and responsible person |
Required for each executive
officer, director, member, principal, sole proprietor, controlling shareholder(s)
and responsible person |
Required for each executive
officer, director, member, principal, sole proprietor, controlling shareholder(s)
and responsible person |
| Audited Financial
Statements (in accordance with GAAP) |
Required if firm in business
more than 12 months; if over 90 days old, must also file current reviewed
statements |
Required if firm in business
more than 12 months; if over 90 days old, must also file current reviewed
statements |
No |
No |
| Audited Statements
Exemption Claim Form |
No |
OFR-MT-4-01 if exemption
met |
No |
No |
| Unaudited
Financial Statements (reviewed by CPA) |
Acceptable in lieu of
audited if firm in business less than 12 months. |
Acceptable in lieu of
audited if firm in business less than 12 months. |
No |
No |
| Net Worth
Requirement |
$100,000 + $50,000 per
location/agent; maximum $500,000 |
$100,000 + $50,000 per
location/agent; maximum $500,000 |
No |
No |
| Security
Device (Bond, Cert. Of Deposit or Letter of Credit) |
Required - Minimum $12,500
to Maximum $250,000 |
Required - Minimum $12,500
to Maximum $250,000 |
No |
No |
| Financial
and Business Activity Projections |
OFR-MT-5-01, Section
4 |
OFR-MT-5-01, Section
4 |
OFR-MT-5-01, Section
4 |
OFR-MT-5-01, Section
4 |
|
BUSINESSES – Compliance and Renewal
Requirements
|
| |
Part II
|
Part III
|
| |
Funds Transmitter |
Payment Instrument Issuer |
Check Casher |
Foreign Currency Exchanger |
|
QUARTERLY REPORTS
|
| Quarterly
Report Form |
OFR-MT-1-01 |
OFR-MT-1-01 |
OFR-MT-1-01 |
OFR-MT-1-01 |
| Filing Deadline |
45 Days after Quarter
End |
45 Days after Quarter
End |
45 Days after Quarter
End |
45 Days after Quarter
End |
|
ANNUAL FINANCIALS
|
| Annual Financial
Statements (audited) |
Required. |
Required – unless exempt,
then unaudited if: less than 50 employees /vendors OR less than $200,000
in payment instruments issued in last 12 months. |
None |
None |
| Deadline
for Annual Statements |
90 Days after FYE |
90 Days after FYE |
None |
None |
| Net Worth
Requirement (all statements) |
$100,000 + $50,000 per
location/agent; max $500,000. |
$100,000 + $50,000 per
location/agent; max $500,000. |
None |
None |
|
RENEWALS
|
| Renewal Fee |
$1,000 |
$1,000 |
$500 |
$500 |
| Renewal Deadline |
4/30 every 2 years (from
initial registration date) |
4/30 every 2 years (from
initial registration date) |
12/31 every 2 years (from
initial registration date) |
12/31 every 2 years (from
initial registration date) |
| Renewal Form |
OFR-MT-6-01 |
OFR-MT-6-01 |
OFR-MT-6-01 |
OFR-MT-6-01 |
| Net Worth
Requirement |
$100,000 + $50,000 per
location/agent; max $500,000 |
$100,000 + $50,000 per
location/agent; max $500,000 |
None |
None |
| DPP Renewal
Fee |
$1,000 |
$1,000 |
$1,000 |
$1,000 |
| DPP Renewal
Deadline |
Same as business renewal
deadline |
Same as business renewal
deadline |
Same as business renewal
deadline |
Same as business renewal
deadline |
| DPP Renewal
Form |
Same as business renewal
form |
Same as business renewal
form |
Same as business renewal
form |
Same as business renewal
form |
| Late Fee
Renewal |
$500 |
$500 |
$250 |
$250 |
| Late Renewal
Deadline |
60 days after renewal
deadline |
60 days after renewal
deadline |
60 days after renewal
deadline |
60 days after renewal
deadline |
| Late Fee
DPP Renewal |
$500 |
$500 |
$500 |
$500 |
| Late DPP
Renewal Deadline |
Same as late business
deadline |
Same as late business
deadline |
Same as late business
deadline |
Same as late business
deadline |
| Late Renewal
Retroactive to Prevent Lapse |
No |
No |
No |
No |
|
CHANGE OF CONTROL
|
| (for
change of ownership 25% or greater, or change in legal entity) |
Comply with all requirements
for new application |
Comply with all requirements
for new application |
Comply with all requirements
for new application |
Comply with all requirements
for new application |
| Deadline |
30 Days prior to change |
30 Days prior to change |
30 Days prior to change |
30 Days prior to change |
|
VENDOR/BRANCH LOCATIONS – Reporting
Requirements
|
| |
Part II
|
Part III
|
| |
Funds Transmitter |
Payment Instrument Issuer |
Check Casher |
Foreign Currency Exchanger |
|
NOTIFICATION
|
| Form |
Vendor/ Location Reporting
Form |
Vendor/ Location Reporting
Form |
Vendor/ Location Reporting
Form |
Vendor/ Location Reporting
Form |
| Fee |
$50 |
$50 |
$50 |
$50 |
| Deadline
to file |
60 days after date location
opened or authorized vendor commenced operations |
60 days after date location
opened or authorized vendor commenced operations |
60 days after date location
opened or authorized vendor commenced operations |
60 days after date location
opened or authorized vendor commenced operations |
| Financial
Statement Required (Unaudited) |
Yes – unless
exempt: if most recent financial reflects a balance sheet dated within
90 days prior to date operations commenced, and if last annual report
showed sufficient net worth ($100,000 + $50,000 per location to max
$500,000) |
None |
None |
|
TERMINATION
|
| Fee |
None |
None |
None |
None |
| Form |
Vendor/ Location Reporting
Form |
Vendor/ Location Reporting
Form |
Vendor/ Location Reporting
Form |
Vendor/ Location Reporting
Form |
| Deadline
|
60 days after date location
closed or authorized vendor ceased operations |
60 days after date location
closed or authorized vendor ceased operations |
60 days after date location
closed or authorized vendor ceased operations |
60 days after date location
closed or authorized vendor ceased operations |
| Amendments |
None – address change
requires new form |
None |
None |
None |
|
RENEWALS
|
| Renewal Fee |
$50 (max $20,000) |
$50 (max $20,000) |
$50 (max $20,000) |
$50 (max $20,000) |
| Renewal Form |
Renewal Application |
Renewal Application |
Renewal Form |
Renewal Form |
| Deadline
to File |
4/30 every 2 years (anniversary) |
4/30 every 2 years (anniversary) |
12/31 every 2 years (anniversary) |
12/31 every 2 years (anniversary) |
| Late Fee |
$500 |
$500 |
$250 |
$250 |
| Late Fee
Deadline |
60 days after renewal
deadline |
60 days after renewal
deadline |
60 days after renewal
deadline |
60 days after renewal
deadline |
|
Registration Retroactive |
No |
No |
No |
No |
