Money Services Industry Update

License Types	As of July 2018	As of July 2017
Money Transmitter - Main	162	158
Money Transmitter - Authorized Delegates	10,348	10,512
Currency Exchanger - Main	7	7
Currency Exchanger - Authorized Delegates	4	4

MSB Multi-State Licensing Update

In our Spring Newsletter we told you about the way in which a number of states came together to streamline the licensing process for money services businesses (MSBs) companies wishing to operate in multiple states. The participating states would accept a “phase one review” from each other and then a “phase two” review would be completed in each individual state. Under this concept, there would be one review of agreed upon standards and then specific state requirements would be reviewed under phase two. The streamlined licensing process is voluntary for both states and applicants.

Participating states are almost finished conducting the Phase One reviews of three companies who wished to be pilot companies for the process. Following this, the Participating states will assess the process for potential changes and plan the next steps.

Since our Spring Newsletter, Louisiana and Rhode Island joined the agreement. The participating states as of this writing are Georgia, Idaho, Iowa, Illinois, Kansas, Kentucky, Louisiana, Massachusetts, North Dakota, Rhode Island, Tennessee, Texas, Utah, Vermont, and Washington.

MSB Call Report Deadline

Just a reminder that the filing deadline for Q2 is August 14. 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.

MSB Call Report

Electronic Surety Bond Conversion

An update on the progress of converting all paper surety bonds to Electronic Surety Bonds (ESB) in NMLS.

To date, 145 licensees, or about 84%, completed the conversion process.

Since the deadline to convert was July 1, licensees who haven’t yet converted to ESB must do so now. Contact your surety provider or the NMLS Call Center for assistance in completing the process.

ESB for Licensees

Annual Assessment Recap

With another annual assessment period closed, a big thank you to licensees who completed the filing on or before the filing deadline. As of the deadline on July 2, 60% of licensees completed their filing.

For licensees who haven’t yet filed, there is a penalty for not filing your annual report and assessment. See WAC 208-690-100 for specific details.