Money Order/Money Transmitter
The Sale of Checks Law, per sections 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. The division licenses companies to engage in such business upon filing an application, certified audit, and bond or letter of credit to assure performance. Regular reporting by these licensees is required to demonstrate solvency. 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.