How Do I Apply for a Money Services Business License in Florida?

Business law

Florida Statute Chapter 560 (the “Statute”) defines a “money services business” as any person located in or doing business in Florida, from Florida, or into Florida who acts as a payment instrument seller, foreign currency exchanger, check casher, or money transmitter. Oftentimes, those who wish to begin a money services business do so to provide payday loans. 

Payday loans, also known as deferred presentment service transactions, are one way for individuals to borrow money. The individual writes a personal check payable to the lender for the amount the person wants to borrow, plus a borrowing fee. The lender gives the borrower the amount of the check less the fee and holds the check for some time (typically until the customer’s next payday) before presentment to the individual’s bank.

Those who wish to provide short term payday and installment loans not exceeding $1,000.00, need to apply for a Money Transmitter License under Part II of the Statute, as well as a Deferred Presentment Transaction provider license under Part IV of the Statue. Those who wish to cash payment instruments or exchange foreign currency must comply with Part III of the Statute. This Part imposes additional licensure, conduct, recordkeeping, and database requirements.

What Do I Need to Submit to Apply for the Licenses? 

To qualify for licensure as a money services business under Parts II and IV, providers need to submit quite a few documents to the Office of Financial Regulation. There are two primary applications: (1) Application to Register as a Money Services Business – and (2) Declaration of Intent to Engage in Deferred Presentment Transactions – Additionally, providers must provide proof of:

  • A legally authorized business in Florida
  • Registration as a money services business with the Financial Crimes Enforcement Network as required by 31 C.F.R. s. 1022.380
  • An anti-money laundering program that meets the requirements of 31 C.F.R. s. 1022.210.
  • A sample authorized vendor contract, if applicable
  • A sample form of payment instrument
  • A net worth of at least $100,000.00
  • A corporate surety bond between $50,000.00 and $2 million. 
  • A financial audit report for the most recent fiscal year, which must be submitted to the office within 120 days after the end of the licensee’s fiscal year
  • Fingerprints for each officer, director, responsible person, the compliance officer, each controlling shareholder, and any other person who has a controlling interest in the money services business

What Are the Fees for Applying and Renewing?

The application fee to comply with Part II of the Statute is $375. The application fee to comply with Part IV of the Statute is $1,000. There are also fingerprint retention fees. These licenses expire on December 31st of the second year following the date of issuance of the license unless during such period the license is surrendered, suspended, or revoked. The renewal fee to comply with Part II of the Statute is $750. The renewal fee to comply with Part IV of the statute is $1,000.

How Do I Maintain a Money Services Business License in Florida?

Great question! Click here to find out.

EPGD Business Law is located in beautiful Coral Gables, West Palm Beach and historic Washington D.C. Call us at (786) 837-6787, or contact us through the website to schedule a consultation.

*Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns. Contacting us through our website does not establish an attorney-client relationship.*

Share this post

Silvino Diaz

Silvino E. Diaz’s practice ranges from Civil and Commercial Litigation to Entertainment and Intellectual Property Law. Silvino has earned a reputation as one of Puerto Rico’s foremost advocates for independent musicians and artists. As a result of his sustained commitment to creative industries, he was named Professor of Intellectual Property Law at Atlantic University College (Guaynabo, PR) – the Caribbean’s leading digital arts institution – where he spearheaded the “Introduction to IP” course for both the graduate and undergraduate programs, and was appointed by the Office of the President to develop an Intellectual Property graduate curriculum, where he served until moving to Miami in 2017. He is the founder of the service known as Starving Artists, where he offers innovative business and legal counsel for artists and creatives.


*The following comments are not intended to be treated as legal advice. The answer to your question is limited to the basic facts presented. Additional details may heavily alter our assessment and change the answer provided. For a more thorough review of your question please contact our office for a consultation.

Leave a Reply

Your email address will not be published. Required fields are marked *



Contact Us

"*" indicates required fields