Georgia Money Transmitter License Guide

In Georgia, entities engaged in the money transmission business are required to obtain a Money Transmitter License. In this state, ‘money transmission’ includes receiving money (or monetary value) for transmitting money/monetary value.

The Georgia Department of Banking and Finance regulates and supervises Money Transmitter licenses. Initial license applications must be filed electronically through the Nationwide Mortgage Licensing System (NMLS).

1

You can find all applicable forms online via the Georgia NMLS page.

The GA Money Transmitter license application checklist is available here.


2

Fulfill Requirements and Complete Required Documents

  • Company Form (MU1): In NMLS, the MU1 form serves as the Money Transmitter license application.

  • Financial Statements: Applicants may be required to submit financial statements upon request by the Department of Banking and Finance.

  • Authorized Agents (Delegates) Locations: Once the license is approved, applicants must submit a list of agents authorized to engage in money transmission business on behalf of the licensee. The list must be uploaded via the NMLS Uniform Authorized Agent Reporting functionality .

  • Other Trade Name/DBA: List any names (different from your legal name) that you operate under.

  • Resident/Registered Agent: List your resident/registered agent. Note that the agent for service of process must be located within Georgia.

  • Primary Contact Employees: Provide information regarding your primary company contact and primary consumer complaint contact.

  • Disclosure Questions: Upload a document including complete and detailed explanations for each “yes” response under this section.

  • Formation Documents: Provide state-certified copies of the applicable documentation. Sole Proprietorships are not required to submit Articles or Certificate of Authority, instead the business name should be filed under “Other Trade Name”.

  • Certificate of Authority/Good Standing Certificate (Foreign Corporations): The document must be state-issued and approved.

  • Business Plan: Submit a detailed business plan including products/services, target market, marketing strategies, plans to use authorized agents, fee schedule, and operating structure.

  • Management Chart: Upload a management chart showing the directors and officers, and identifying compliance reporting and internal audit structure.

  • Ownership Chart/Description: Upload a chart or description showing the ownership percentage of direct/indirect owners, subsidiaries, and affiliates of the applicant.

  • Flow of Funds Diagram and Description: Describe the flow of funds/transactions from start to finish in the form of a diagram and/or description.

  • Credit Report: Persons in position of control must authorize a credit report through NMLS. They must also complete an Identity Verification Process (IDV) together with an individual attestation.

  • Control Person (MU2) Attestation: The completed individual (MU2) form must be attested by the applicable control person before submitting it together with the Company (MU1) form.

  • MU2 Individual FBI Criminal Background Check: Persons with control (such as ultimate equitable owners and executive officers) must authorize a FBI criminal background check via NMLS.

  • Verification of Lawful Presence within the United States (MU2): Any one of the owners/officers listed on the MU1 (Company) form must complete the company affidavit .

State Background Check Authorization (MU2): Control persons – listed on the MU1 (Company) form – must provide an executed, original copy of the GA Background Authorization form . This form gives consent for a criminal history record check.


3

Obtain Your GA Money Transmitter Bond

Applicants for a GA Money Transmitter license are required to submit an electronic surety bond via NMLS. The principal sum of the bond is $100,000. If required by the Department, however, the bond may increase to a maximum of $2,000,000.

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4

License Fees

All fees are non-refundable and non-transferable.

  • GA Application Fee: $900

  • Investigation Fee: $250

  • Credit Report for Control Persons: $15 (per control person)

  • FBI Criminal Background Check (MU2): $36.25 (per person)

  • Uniform Authorized Agent Reporting Processing Fee (Annual): $0.25 for each active authorized agent/delegate location (for companies with more than 100 active agents)


5

Submit Your Money Transmitter License Application

All license applications must be submitted online via NMLS , along with the surety bond and fees.

For assistance or more information regarding the license requirements, please contact the Department at [email protected] or (770) 986-1136.

For questions regarding NMLS, you may contact their call center at (855) 665-7123.

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