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.
Service Category