DLEGOFIR-17

The Office of Financial and Insurance Regulation issues money transmission services provider licenses to persons selling or issuing payment instruments or stored value devices or receiving money or monetary value for transmission. The term does not include the provision solely of delivery, online, or telecommunications services or network access.

This act does not apply to any of the following:

• The United States or a department, agency, or instrumentality of the United States.
• Money transmission services provided by the U.S. Postal Service or a contractor on behalf of the U.S. Postal Service.
• A state, county, city, or other governmental subdivision of a state.
• A depository financial institution, office of an international banking corporation or branch of a foreign bank, bank holding company or subsidiary, subsidiary or affiliate of a depository financial institution, or a subsidiary of affiliate of a holding company of a depository financial institution, if the depository financial institution maintains its main office or a branch office in this state, a credit union service organization, corporation organized under the Edge Act, or a bank service company organized under the Bank Service Company Act.
• Electronic funds transfer of governmental benefits for a federal, state, county, or governmental agency by a contractor on behalf of the United States, or a department, agency, or instrumentality of the United States or a state or governmental subdivision, agency, or instrumentality of a state.
• A board of trade designated as a contract market under the Commodity Exchange Act or a person that in the ordinary course of business provides clearance and settlement services for a board of trade, to the extent of its operation as of or for that board.
• A registered futures commission merchant under the federal commodities laws, to the extent of its operation as a merchant.
• A person that provides clearance or settlement services under a registration as a clearing agency or an exemption from registration granted under the federal securities laws, to the extent of its operation as a provider under this subdivision.
• A person registered as a securities broker-dealer under federal or state securities laws, to the extent of its operation as a registered broker-dealer.
• An operator of a payment system, to the extent that it provides processing, clearing, settlement, or other similar services between or among persons excluded by this section in connection with wire transfers, credit card transactions, debit card transactions, stored value transactions, automated clearinghouse transfers, or other similar funds transfers or transactions.
• A person involved in the provision solely of delivery, online, or telecommunications services or network access.
• A person that issues a stored value device or other tangible object that is redeemable by the issuer only in goods or services.

If you need further assistance regarding program applicability or program contact information, please refer to the Money Transmitter License page.