License to engage in money transmission (Money Services)

Iowa Division of Banking


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
200 East Grand Avenue
Suite 300
Des Moines, IA 50309