Money Transmitter Licensing
Essential Statutes
Please reference the relevant Connecticut Statutes (§§ 36a-595 to 36a-612, inclusive).
Advisory Issued by the Department, July 20, 2022:
Consumer and Industry Advisory on Money Transmission
Order Establishing Requirements and Procedures for Use of Electronic Bonds
Notice to all Debt Adjusters:
Consumer Credit Division Director communication with licensed money transmitters and debt adjusters regarding the possible need to hold both licenses.
Notice issued by the Banking Commissioner, October 24, 2017:
No Action Position on Money Transmission Licensure Requirement for Persons Acting as an Agent of a Payee.
Other Relevant Information:
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Financial reports are required to be filed on or before April thirtieth each year. Please refer to Section 36a-606 of the Connecticut General Statutes for complete details.
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Notice from the IRS Money Services Business Information Center regarding the Bank Secrecy Act.
How to Apply
If you wish to apply for a money transmitter license you should begin by first reviewing Connecticut’s Jurisdiction-Specific Requirements along with Connecticut's money transmitter licensing statutes, which provides the current licensing procedures and requirements applicable to money transmitters.
If your company already has a completed record in the Nationwide Multistate Licensing System and Registry, then applying for a license in Connecticut merely involves filing your company's record (Form MU1), control person records (Form MU2), and relevant branch records (Form MU3) with Connecticut through the NMLS and mailing in the jurisdiction-specific requirements to the Department.
Go to the Getting Started page of the NMLS website and follow the steps outlined:
Any questions relating to the NMLS should be directed to the NMLS Call Center at (855) 665-7123.
Contact
Connecticut Department of Banking
Consumer Credit Division
260 Constitution Plaza
Hartford, CT 06103-1800
Telephone: (860) 240-8200 or toll-free 800-831-7225
Fax: (860) 240-8215
WHO TO CONTACT - Contact Anne Cappelli by phone at 860-240-8206 or send your questions
via e-mail to Anne.Cappelli@ct.gov for additional assistance.