Information for New Money Transmitter Applicants

Entities Exempt from Licensing Requirements:
  • A state or federally chartered bank, trust company, credit union, savings and loan association, or savings bank with deposits that are federally insured;
  • An authorized agent of a licensee;
  • The United States Postal Service;
  • A state or federal governmental department, agency, authority, or instrumentality and its authorized agents;
  • Any foreign bank that establishes a federal branch pursuant to the International Bank Act, 12 U.S.C. Section 3102; or
  • An individual employed by a licensee or any person exempted from the licensing requirements of this article when acting within the scope of employment and under the supervision of the licensee or exempted person as an employee and not as an independent contractor.

 

File a new application through the Nationwide Multistate Licensing System (NMLS):

The Department uses the Nationwide Multistate Licensing System (NMLS) to manage all Seller of Payment Instruments and Money Transmitter licensees. All applications and changes to a Seller of Payment Instruments and Money Transmitter license must be made through the NMLS.

Steps to Apply for a Money Transmitter License:

  1. Review the Instructions and Requirements and prepare all items listed on the New Application Checklist - If you do not have the items listed on the application checklist before applying, the processing of your application will be delayed and you risk your application being withdrawn as abandoned.

Georgia Money Transmitter License Instructions

  1. Apply for a Georgia Money Transmitter License through the NMLS.
  2. Complete and submit your application through the NMLS, including paying the application and licensing fees.

Processing times can vary depending on the workload of the Department, the completeness of the application, the complexity of the application, and other factors such as renewals.  Applications are worked in the order received, but submitting a complete application per the Department’s instructions and checklist on NMLS, will generally produce a quicker turnaround.  Processing times for complete applications are generally 4-6 weeks from the time the Department begins its review.

Electronic Surety Bonds (ESB)

Electronic surety bonds (ESB) will be available in NMLS starting January 23, 2017.

New company license applications submitted after January 23, 2017 will be required to meet all surety bond requirements by completing the electronic surety bond process. See the ESB Adoption Map and Table for more information.

Companies are required to convert their existing surety bond to NMLS via the submission of an ESB by December 31, 2017. See the GA ESB Conversion Plan for more information.