Chapter 19 of Title 6.2 of the Code of Virginia requires the licensing of persons wishing to engage in the business of selling money orders or providing money transmission services to any consumer residing in the Commonwealth of Virginia, whether or not the person has a location in the Commonwealth. Sections 6.2-1903, 6.2-1904 and 6.2-1906 of the Code of Virginia set forth the qualifications for licensing. The Commission must make a finding that the applicant will be able to and will perform its obligations to purchasers of money transmission services and purchasers, payees, and holders of money orders sold by it and its agents, and that an applicant, and its members, senior officers, directors, and principal stockholders have the financial responsibility, character, reputation, experience and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest and in accordance with law and regulations. We consider all the factors required by the Code to make a determination whether a particular applicant qualifies. The applicant will be given the opportunity to talk to the analyst handling the application to discuss his/her experience and demonstrate he is knowledgeable of the business and familiar with Virginia laws and regulations and applicable federal laws. We do not administer a separate written exam and do not offer courses.

Along with the application form and fee, applicants must provide current financial statements audited by a licensed certified public accountant. Each licensee under this chapter shall at all times have a net worth of not less than $200,000, or a higher amount not to exceed one million dollars as determined by the Commission, calculated in accordance with generally accepted accounting principles.

In addition, a surety bond in the principal amount as determined by the Commission but not less than $25,000 nor more than $500,000 is required. The amount of bond required of a new licensee shall be based upon the applicant's financial condition, capitalization, projected Virginia monthly money order sales and/or money transmission volume, experience, and other factors deemed pertinent. As an alternative to the surety bond, applicants may provide a security device (Deposit Agreement) in lieu of a surety bond.

Applicants must be registered with the Financial Crimes Enforcement Network (FinCEN) of the United States Treasury Department pursuant to the Bank Secrecy Act (BSA). For the federal requirements under the BSA, registration forms, and federal guidance in several languages, visit www.fincen.gov/financial_institutions/msb/.

Following are the applications and related forms for a new money transmitter or for the acquisition of an existing licensee. Each application form includes filing instructions. The applications require the filing of supplemental forms. In each instance, the appropriate supplemental forms are listed directly following the application form. It is important to carefully read and follow all instructions and to provide full and complete responses. Investigation of the application may be delayed if the application is incomplete.

Applicants for a license to become a money transmitter should carefully review all related laws and regulations governing money transmitters prior to submitting an application. Links to related laws and regulations appear below. Code and Regulation Sections can be viewed and downloaded individually or a report of multiple Sections can be created and downloaded. To download multiple Sections click on “create report” at the beginning of the table of contents for the specific Chapter and enter the beginning and ending Section of the sequence you wish to download. It is your responsibility to read and comply with all applicable laws and regulations.

Note: Links to the Code of Virginia and Virginia Administrative Code in the menus below are external linksand will take you off the SCC website.

Application Steps

1. Click on the appropriate application form and download the PDF file. Instructions for each application are included in the application form.
2. Download each supplemental form related to the specific application. (Applicable supplemental forms will be listed immediately following the application form).
3. Read and follow all instructions in completing the application.
4. Once the application has been completed, review the form making sure that all items have complete responses, the application is properly signed, and any required supplemental forms have been completed and included as part of the application package.
5. New applicants should view and download applicable laws and regulations listed above by clicking on each item in the dropdown boxes. Sections of applicable chapters of the Code of Virginia can be printed individually or multiple Sections can be downloaded by clicking on “create report” at the beginning of the table of contents for the specific Chapter and enter the beginning and ending Section of the sequence you wish to download.
6. Since new applicants are required to have knowledge of legal requirements it is important for the applicant to read and understand all related laws and regulations before applying for the license.

Application Forms

• LICENSE TO ENGAGE IN THE MONEY TRANSMISSION AND/OR MONEY ORDER BUSINESS
• CCB-5500 Application for a License to Engage in the Money Transmission and/or Money Order Business Pursuant to 6.2, Chapter 19 of the Code of Virginia
• SUPPLEMENTAL FORMS
  • CCB-1123 Personal Financial Report and Disclosure Statement
  • CCB-1143 Limited Personal Financial Report and Disclosure Statement
  • CCB-5509 Surety Bond for Money Order Sales and Money Transmission
  • CCB-5513 Deposit Agreement Under Virginia Code Title 6.2, Chapter 19 (Money Order Sales)
  • CCB-1149 Depository Institution Authorization Form
  • CCB-1150 Employment and Business Affiliation Disclosure Form

• ACQUIRE CONTROL OF A MONEY TRANSMITTER LICENSEE
• CCB-5514 Application for Permission to Acquire Control of a Money Transmitter Licensee Pursuant to Section 6.2-1914 of the Code of Virginia
• SUPPLEMENTAL FORMS
  • CCB-1123 Personal Financial Report and Disclosure Statement
  • CCB-1143 Limited Personal Financial Report and Disclosure Statement
  • CCB-1149 Depository Institution Authorization Form
  • CCB-1150 Employment and Business Affiliation Disclosure Form

Note: All applications are investigated by the Bureau of Financial Institutions. Certain application decisions are made by the Commissioner of Financial Institutions under delegated authority from the State Corporation Commission. In the event you wish to appeal either a determination made by the Bureau of Financial Institutions in the course of its investigation of your application or the Commissioner of Financial Institutions’ decision on your application, you may request a formal review by the State Corporation Commission in accordance with its Rules of Practice and Procedure