Team, I am often asked what are the costs – professional fees, application fees and bonding fees, for obtaining Money Transmitter License in various states. I have attempted to estimate and summarize that expense on a state-by-state basis below. I am often surprised by some of the quotes I receive from services provider – sometimes ranging upward of an unimaginable $2,000,000 for license acquisition in each of the 51 jurisdictions. My argument in response is that approximately 42 state money transmitter licenses are obtained through the NMLS system and have application requirements that are nearly identical. That is, for example, a business plan is require in nearly every jurisdiction but said business plan does not need to be tailored to any particular state if written correct at the onset.
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