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Spring 2018 Newsletter
Money Services Industry Update
| License Types | As of April 2018 | As of April 2017 |
| Money Transmitter - Main | 162 | 151 |
| Money Transmitter - Authorized Delegates | 10,600 | 10,885 |
| Currency Exchanger - Main | 6 | 7 |
| Currency Exchanger - Authorized Delegates | 4 | 4 |
MSB Call Report Deadline
With the end of the first quarter, now is the time to begin preparing the data necessary to file the Money Services Business (MSB) Call Report. The filing deadline for Q1 is May 15. The MSB Call Report is filed through NMLS and is due within 45 days of each quarter end. This report is in addition to the Department’s annual report which is due July 1 each year.
Money Transmitters and Currency Exchangers Annual Assessments
Keep an eye out at the end of the month for information about this year’s Money Transmitter and Currency Exchanger Annual Assessments. The Department will provide information via email to the primary company contact in NMLS. Annual Assessments are due by July 1 of each year.
Electronic Surety Bond Conversion
The process of converting paper surety bonds to the new Electronic Surety Bond (ESB) is now in full swing. To date, 73 Money Transmitter licensees, or about 45%, completed the conversion process. The Department appreciates the willingness of these licensees to jump in early to finish the conversion.
Money Transmitter Licensees who haven’t yet converted to ESB should consider starting that process soon. The conversion deadline is July 1.
Converting a paper surety bond to ESB involves granting authority to the surety company in NMLS, coordinating with the surety so the electronic bond can be created and then routing that electronic bond from the surety to the licensee and then to the Department. The following are some challenges faced by licensees:
- Once the bond is delivered by the surety, licensees must designate a signer for the bond and that person must log into NMLS to “sign” the bond
- Signed bonds must be designated “Mark Ready” in order to be delivered to the Department
Authorized Delegate Reporting
If you have authorized delegates, be sure you stay current on your reporting. Any change to authorized delegates must be reported within 30 days of the change.