MONEY TRANSMITTERS

Forms

 

List of Money Transmitters

 

HB 454 Affecting Money Transmitters - Effective April 6, 2007

Pursuant to Sections 1315.01 to 1315.18 and 1315.99 of the Ohio Revised Code, the Division of Financial Institutions (Division) regulates and licenses entities that transmit Ohio instruments or engage in the business of receiving money for transmission.

Licensing

 

Money transmitters may transmit money within the United States and to foreign countries. Persons wishing to become licensed as a money transmitter must first schedule a pre-filing meeting with the Division. Thereafter, you must submit an application with the necessary attachments, background check reports, anti-money laundering program policies and procedures, Declaration of Material Assistance form, proof of security device, and fee to the Division. In order to issue a license, the Division must determine that the person is financially sound, has the appropriate net worth, maintains appropriate investments in an amount equal at all times to the aggregate of all outstanding checks, complies with appropriate state & federal laws & regulations, including the federal Bank Secrecy and Patriot Acts , and will conduct the money transmitter business fairly, honestly, and efficiently.

 

Licensees are required to file quarterly information, an annual audited financial statement, an annual Ohio License Information Sheet, and pay an annual fee.

Compliance

No person is permitted to transmit money unless licensed or specifically exempt (e.g. chartered financial institutions). Examples of activities requiring licensing include issuing money orders or traveler's checks, and collection of payments to be forwarded to lenders or vendors (e.g. utility payments or bimonthly mortgage payments). The Division can investigate alleged violations and may examine licensees.

 

NOTE: Applicants must schedule a pre-filing meeting prior to filing their money transmitter application by calling Senior Administrator John Bishop at

(614)-644-7525.