Money Transmitters Last updated 06/20/2024

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Fees

License Fee Description Exemptions
$600.00
None
$1,000.00
None

Description

Persons selling or issuing payment instruments or receiving money for transmission or transmitting money are required to be licensed as money transmitters. The purpose of licensing is to ensure that consumers receive money services in a secure manner. The definition of “money” is defined in statute to cover the ever changing landscape of virtual currency, including Bitcoin.

Duration

One year

Renewal Information

Renewal due by December 31 each year.

Duplicate License Requirements

None

Processing Time

Processing Time Description
1 Month

Prerequisites and Requirements

Required Documentation

Money services business (MSB) Call Report due quarterly after license issued. Additional information available at https://mortgage.nationwidelicensingsystem.org/slr/common/Pages/MoneyServicesBusinessesCallReport.aspx

Examination Information

None

Continuing Education Requirements

None

Bonding Requirements

$25,000 security device, $5,000 per additional location; maximum of $150,000

Insurance Requirements

None

Additional Information

Other Information

Overnight mail address:
350 Winter St NE, Room 410
Salem, OR 97301-3881

Statutes, Administrative Rules, Ordinances

Other Detail Information

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