License to engage in money transmission (Money Services)

Iowa Division of Banking

About

License to engage in money transmission.

Code Citation IC 533C

Who Applies Any entity engaged in money transmission – selling payments, receiving money for transmission, or receiving money from obligors for the purpose of paying obligors bills.

When To Apply Application must be made and a license issued before engaging in money transmission.

Initial Requirements Surety bond or equivalent of $50,000 plus $10,000 for each office or agent in Iowa (capped at $350,000). If no locations in Iowa, surety bond amount is $300,000.

Duration The license must be renewed by December 1 annually.

Processing Time 120 days.

Fee Structure Application fee: $1,000 Initial License and Renewal fees: $500 plus $10 for each location in Iowa where business is conducted through employees or authorized delegates of the licensee. (Maximum is $5,000)

Renewal Requirements Does not pertain.

Exam Does not pertain.

Additional Information None.

Services Provided

Service Category

  • Service SubCategory
Contact Information
Craig Christensen
Address
200 East Grand Avenue
Suite 300
Des Moines, IA 50309