|License Types||As of July 2022||As of July 2021|
|Money Transmitter - Main||253||225|
|Money Transmitter - Authorized Delegates||5,380||5,568|
|Currency Exchanger - Main||5||8|
|Currency Exchanger - Authorized Delegates||4||4|
Money Transmitter Annual Assessments
A word of thanks to the Money Transmitter and Currency Exchanger licensees who completed the annual assessment process on or ahead of the July 1 filing deadline. As of the filing deadline, 88% of licensees filed the required report on time.
Surety Bond Amounts
Don’t forget to review the amount of your surety bond! Licensees must calculate the penal sum of their surety bond annually. The calculation must be based on the previous twelve months' money transmission and payment instrument dollar volume. The bond amount must be calculated at ten thousand dollars for every one million dollars of money transmission and payment instrument dollar volume.
Tangible Net Worth
Similarly, licensees are required to demonstrate and maintain tangible net worth calculated at ten thousand dollars for every one million dollars of total company-wide money transmission and payment instrument dollar volume over the previous twelve months. The minimum tangible net worth is ten thousand dollars; the maximum required amount is three million dollars.
Authorized Delegate Reporting
If you have authorized delegates, be sure you stay current on your reporting. The reporting of any change to authorized delegates must happen within 30 days of the change.