Money Order/Money Transmitter

The Sale of Checks Law, per §§361.700-361.727, provides for licensing by the Missouri Division of Finance of companies involved in the sale of money orders and travelers checks, electronic transmission of funds, bill payment, or issuance of stored value cards. The purpose of the law is to ensure that funds are paid according to their terms. A related regulation is found at 20 CSR 1140-12.010.

In January 2005, the Commissioner of Finance implemented new policies and procedures regarding bonding and certified audit requirements as well as obliging Sale of Checks licensees to provide documentation of registration under the Federal Money Services Business law. For more information, please see commissioner's message of January 4, 2005, to Sale of Checks Licensees.

All Sale of Checks (Money Transmitter) issuers in this state shall be licensed with the Division of Finance. Applications for money transmitters must be submitted through the Nationwide Mortgage Licensing System (NMLS).
The application fee is currently $400 which covers the application/investigation cost as well as the license fee until the following April 15 at which time and annually thereafter another $400 fee is due.

Initial and renewal licensing information may be found at the NMLS link above. Additional forms needed at various times by the Division are listed below:

• Laws & Regulations
• Bond form
• Letter of credit form
• Verification bond form
• High outstanding form
• Highest daily transmissions form
• Proof of solvency form
• MSB registration
• MSB information center (provided by the IRS)