Money Transmitter Division
The Money Transmitter Division of DFI licenses and regulates money transmitters, which includes issuers of payment instruments (money orders), travelers checks and stored value. The California money transmission laws are found in the California Financial code, Division 1.2, commencing with section 2000. The full Money Transmission Act can be found here:
|Chapter 1. General Provisions||2000-2003|
|Chapter 2. Exemptions||2010-2011|
|Chapter 3. Licenses||2030-2043|
|Chapter 4. Agents||2060-2063|
|Chapter 5. Eligible Securities||2081-2089|
|Chapter 6. Consumer Disclosures||2100-2106|
|Chapter 7. Examinations, Special Reports, and Records||2120-2124|
|Chapter 8. Additional Enforcement Provisions||2148-2153|
|Chapter 9. Miscellaneous Provisions||2170-2172|
The Department is a member of the Money Transmitter Regulators Association (MTRA).
Information for Applicants for New Money Transmitter or Acquisition of Control of Money TransmitterProspective applicants for a money transmitter license pursuant to Financial Code section 2033 and applications for acquisitions of control pursuant to Financial Code section 2035 should thoroughly familiarize themselves with the relevant sections of the Financial Code and California Code of Regulations, forms and instructions for submitting an application before attempting to prepare an application. Please refer to the Money Transmitters Forms.
Once the prospective applicant for a new money transmitter license or acquisition of control has become thoroughly familiar with the laws and regulations that govern this activity, the next step is to arrange for a pre-filing meeting with the Money Transmitter Division staff. The prospective applicant should contact Mr. Julio Prada at (415) 263-8540 or by email at email@example.com to arrange for an appointment. The successful applicant will be able to demonstrate a working knowledge of the laws and regulations that govern money transmitters and be ready to present a proposed business plan. Meetings are conducted in person at the San Francisco Office. All prospective applicants for a new money transmitter must have a pre-filing meeting with the Money Transmitter Division staff before filing an application; for acquisition of control applicants, this step is highly recommended, especially if the applicants are not known to the Money Transmitter Division staff.
Completed applications for new money transmitter license, along with the non-refundable fee of five thousand dollars ($5,000), should be addressed to Mr. Patrick Carroll, Strategic Support Manager, Department of Financial Institutions, 45 Fremont Street, #1700 San Francisco, CA 94105-2219. Contact him at (415) 263-8559 or by email at firstname.lastname@example.org. IMPORTANT: Please note that applications submitted by applicants who have not first arranged for a pre-filing meeting will not be accepted for filing.
Completed applications for acquisition of control should also be submitted to Mr. Carroll at the above address along with the non-refundable fee of three thousand five hundred dollars ($3,500).
The supervisory and regulatory staff of the Money Transmitters Division may be reached at the following address:
How To Reach Us
Department of Financial Institutions
45 Fremont Street, Suite 1700
San Francisco, CA 94105-2219
Phone: (415) 263-8540
Fax: (415) 263-8508
E-mail: Julio Prada, email@example.com
- California Financial Code Reference
- Call Report Forms
- Directory of Money Transmitters
- Division 1.4 Management Certification (Word)
- Federal Laws and Requirements Applicable to Money Transmitters
- Money Transmitters FAQ
- Money Transmitter Forms
- Money Transmitters Receipts
- Orders and Opinions
- Order Regarding Eligible Securities Ratings and Rating Services – Revised – February 23, 2012 (PDF)
- Regulatory and Industry Links
- File a Complaint Regarding Unlicensed Money Transmitter (English/Spanish) (PDF)
- Frequently Asked Questions for Money Service Businesses (PDF)
- Sending Money to Foreign Countries Brochure (Available in Seven Languages) (PDF)