A key element to a successful application submission is submitting the correct fees. A shortage of fees can delay processing.
Overpayment can cause confusion with refunds. To avoid issues, here’s clarification on Money Services fees, including changes to the law last year:
- Lowered Maximum Fee for initial licensure and delegate additions (reported quarterly).
- Removed the Fee for delegate deletions (reported quarterly).
Additionally, while transaction fees for material changes haven't changed recently, there are inconsistencies in submitted fees. The table below clarifies the correct fees:
| License Action | Fee | Additional Tips |
|---|---|---|
| Initial Application | ||
| New application | $1,000 license fee + $100 per additional location (max $5,000). Total max: $6,000. | Submit the Washington Money Services License Application form and all required attachments. |
| Authorized Delegate additions, deletions, or amendments | ||
| Add authorized delegate to quarterly roster | $50 per addition, max $5,000 per quarterly submission. | Report additions, deletions, or amendments using the Money Transmitter Quarterly Report Form. |
| Remove authorized delegate from quarterly roster | No fee | |
| Change business/trade name or location of delegate/company-owned location | $50 | |
| Company amendments and material changes | ||
| Change company physical or mailing address | $30 | Submit the Money Services License Amendment Application—do not notify with a letter only. |
| Change company name or trade name | $30 | |
| Request for approval of change in control | $30 | |
| Change of Responsible Individual or Compliance Officer | $30 | |
| Add executive officers, board directors, or owners | $30 per addition | |
| Change registered agent | $30 | |