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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Money Transmission License Texas Finance Code, Chapter 152 (Chapter 152), generally requires a person or business to have a license to engage in the money services business in Texas. There are two types of Money Services Business licenses and separate applications for each type. A person or business that engages in the money transmission business must have a money transmission license. Money transmission means 1) selling or issuing payment instruments to a person located in this state; 2) selling or issuing stored value to a person in this state; 3) receiving money for money transmission services from a person located in this state; 4) includes payroll processing services, and does not include the provision solely of online or telecommunications services or network access. Applications for a Money Transmission License are submitted through NMLS. A person or business that engages only in the currency exchange business must have a currency exchange license. Currency exchange means receiving 1) the currency of one government and exchanging if for the currency of another government; 2) a negotiable instrument, as defined by Section 3.104, Business & Commerce Code, and exchanging it for the currency of another government. The application for a Currency Exchange License can be located on the Texas Department of Banking’s Website.
Branch Licenses Description Requirements Checklist
No branch licenses. Texas DOB does not have licenses of this classification available in NMLS at this time.
    Individual Licenses Description Requirements Checklist
    No individual licenses. Texas DOB does not have licenses of this classification available in NMLS at this time.
       

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