Licenses / Money transmitter
Money transmission and money services businesses
Money transmitter timelines
Money transmitter and related MSB company licenses. Several states publish a statutory decision clock that starts only after the file is complete — including FBI background-check results.
What we can say nationally
Confirm the current license name and documents in the NMLS Checklist Compiler. NMLS is a filing channel for many company licenses in this family (money services / money transmitter company licenses on NMLS). It is not a published typical wait.
CSBS reports that thirty-one states have enacted the Money Transmission Modernization Act in full or in part. The model act’s issuance section is a 120-day complete-application clock with deemed approval unless extended for good cause. We only attach that clock to a state page when we cite that state’s statute. Completeness in the model includes the FBI criminal-background-check response.
Cited clocks
120 days after the application is complete
The banking commissioner must approve or deny a completed money-services application by the 120th day after the completion date. If neither happens, the application is approved and the license takes effect the next business day. The period may be extended for good cause.
120 days after the application is complete
Once the State Corporation Commission determines a money-transmitter application is complete, it must approve or deny within 120 days. Silence after that window is deemed approval, effective the next business day, unless the Commission extends the period for good cause.
120-day complete-application clock under the Illinois MTMA
205 ILCS 658/5-5 says that once the Secretary determines an original money-transmission application is complete, the Secretary shall approve or deny it within 120 days after the completion date, unless the Secretary extends that period. If neither happens within 120 days or any extension, the application is approved and the license takes effect the next business day. Completeness on its face includes the FBI criminal-background-check response.
120 days after the application is complete
Missouri Revised Statutes § 361.942 requires the director to approve or deny a completed money-transmission application within 120 days of the completion date. If neither happens, the application is approved by operation of law and the license takes effect the next business day. The director may extend the period for good cause.
90 days from filing, extendable with the applicant’s written consent
Banking Law § 642 says the superintendent shall approve conditionally or deny a money-transmitter application within ninety days from the filing. That period may be extended by the applicant’s written consent. The statute does not treat silence as approval. DFS also states that no application is complete until the department has every required item, document, and fee.
All 50 states
| State | Typical processing time | Cited clock |
|---|---|---|
| Alabama | Typical range unknown | None cited |
| Alaska | Typical range unknown | None cited |
| Arizona | Typical range unknown | None cited |
| Arkansas | Typical range unknown | None cited |
| California | Typical range unknown | None cited |
| Colorado | Typical range unknown | None cited |
| Connecticut | Typical range unknown | None cited |
| Delaware | Typical range unknown | None cited |
| Florida | Typical range unknown | None cited |
| Georgia | Typical range unknown | None cited |
| Hawaii | Typical range unknown | None cited |
| Idaho | Typical range unknown | None cited |
| Illinois | Typical range unknown — statutory clock cited | 120-day complete-application clock under the Illinois MTMA |
| Indiana | Typical range unknown | None cited |
| Iowa | Typical range unknown | None cited |
| Kansas | Typical range unknown | None cited |
| Kentucky | Typical range unknown | None cited |
| Louisiana | Typical range unknown | None cited |
| Maine | Typical range unknown | None cited |
| Maryland | Typical range unknown | None cited |
| Massachusetts | Typical range unknown | None cited |
| Michigan | Typical range unknown | None cited |
| Minnesota | Typical range unknown | None cited |
| Mississippi | Typical range unknown | None cited |
| Missouri | Typical range unknown — statutory clock cited | 120 days after the application is complete |
| Montana | Typical range unknown | None cited |
| Nebraska | Typical range unknown | None cited |
| Nevada | Typical range unknown | None cited |
| New Hampshire | Typical range unknown | None cited |
| New Jersey | Typical range unknown | None cited |
| New Mexico | Typical range unknown | None cited |
| New York | Typical range unknown — statutory clock cited | 90 days from filing, extendable with the applicant’s written consent |
| North Carolina | Typical range unknown | None cited |
| North Dakota | Typical range unknown | None cited |
| Ohio | Typical range unknown | None cited |
| Oklahoma | Typical range unknown | None cited |
| Oregon | Typical range unknown | None cited |
| Pennsylvania | Typical range unknown | None cited |
| Rhode Island | Typical range unknown | None cited |
| South Carolina | Typical range unknown | None cited |
| South Dakota | Typical range unknown | None cited |
| Tennessee | Typical range unknown | None cited |
| Texas | Typical range unknown — statutory clock cited | 120 days after the application is complete |
| Utah | Typical range unknown | None cited |
| Vermont | Typical range unknown | None cited |
| Virginia | Typical range unknown — statutory clock cited | 120 days after the application is complete |
| Washington | Typical range unknown | None cited |
| West Virginia | Typical range unknown | None cited |
| Wisconsin | Typical range unknown | None cited |
| Wyoming | Typical range unknown | None cited |