Your path to a money transmitter license in Vermont

In order to obtain a Vermont Money Transmitter License (VMTL), one must consult and comply with the regulations of the licensing authority — Department of Financial Regulation. Multiple documents are needed for obtaining a license, including:

· Vermont Secretary of State Registration

· The credit report for control persons

· FBI Criminal Background Check for MU2 Individual

· Authorized Agents (Delegates) locations

· Resident/ Registered Agent Details

· Primary Contact Employees

· Non-primary Contact employees

· Bank Account details

· List of Direct Owners/ Executive Officers/ Indirect Owners

· Qualifying individual

· Credit Report

· Certificate of Authority/ Good standing

· Company Staffing and internal policies including Financial Privacy Policy

· Trust Account authorization

· Credit Report explanations for any MU2 individual does not or has not resided in the US for at least 5 years

· Audited financial statements in GAAP prepared by a CPA, dated within 90 days of your fiscal year-end for the last two years. The financial statement should show a net worth of $100,000 at all times. If the applicant is a start-up company, only an initial statement of the condition is required.

· Business Plan

· AML/ BSA Policy with an independent review

· Document samples

· Management Chart and Organizational Chart showing ownership percentage

· Company Formation documents

· Tax- Certification for Company

· Parent Corporation Financial Statements

· Registration with FinCEN as a Money Services Business

· Surety bonds

However, the documentation required will vary from applicant to applicant. Nevertheless, some per-registration steps are needed. To apply for a VMTL, you have to first register with the Nationwide Multistate Licensing System and Registry (‘NMLS’). In NMLS, you will have to first complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator. The application has to be made to the Department of Financial Regulation in Vermont. Documents have to be uploaded on the NMLS website and certain documents have to be mailed. Important requirements are 1) Signatures at all required places; 2) Required filing fee, and 3) All enclosures and financial statements as stated in the form. Decisions on licenses are normally made within 60 days.