Money Services Fee Clarification

A key element to a successful application submission is submitting the correct fees. A shortage of fees can create a delay in processing.

Overpayment can create confusion with refunds, especially if there is any delay in your receipt of the refund or you’re not sure what the refund is for. We wanted to take this opportunity to clarify Money Services fees. Last year, we had a couple of changes to the law that affected fees; they include the following:

  • Lowered the Maximum Fee for initial licensure with authorized delegates; lowered the maximum fee for authorized delegate additions (reported quarterly)
  • Removed the Fee for authorized delegate deletions (reported quarterly)

In addition, while transaction fees for material changes have not recently changed, we do see inconsistencies in the fees submitted and would like to clarify the correct fee for specific items. See the table below:

License Action Fee Additional Tips
Initial Application
New application License fee of $1,000 and additional fee of $100 for each additional location where you or an authorized delegate will provide money services, up to a maximum of $5,000. The total fee for a new application will not exceed $6,000. Application and payment will be completed and submitted through the NMLS system.
Authorized Delegate additions, deletions, or amendments
1) Addition of authorized delegate to your quarterly roster $50 per addition, capped at $5,000 per quarterly submission Additions, deletions, or amendments to your authorized delegate and company-owned locations must be reported though NMLS.
2) Removal of authorized delegate from your quarterly roster NONE
3) Change of business/trade name or location of an authorized delegate or company owned location $50
Company amendments and material changes
1) Change of physical or mailing address of company $30 All changes to your Money Transmitter or Currency Exchanger license are done through NMLS.
2) Change of name or trade name of company $30
3) Request for approval of change in control $30
4) Change of the Responsible Individual or Compliance Officer $30
5) Addition of executive officers, board directors, and owners $30 per addition
6) Deletion of executive officers, board directors, and owners $30 per deletion
7) Change in records location $30
8) Change in registered agent $30
The obtaining, revocation, or surrender of a money services license in any other jurisdiction $30 Submit a letter of notification and explanation