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Licensed money transmitters frequently asked questions

 
Q:   How do I file a complaint?
A:  

The Division of Finance and Corporate Securities (DFCS) investigates complaints involving these organizations. To file a complaint, click here. Submit written complaints to the division.

Written complaints should contain a brief but accurate explanation of the problem and advise us of your desired result. Any documentation to support the complaint will help the division to more quickly resolve the complaint. Do not send original documents, send copies. Complaints usually take 2 - 4 weeks to resolve.


Q:   How long does it take to get a license?
A:   The processing time for a successful applicant varies significantly, but is usually three to four weeks.
Q:   I don't speak English, can I still get an application and help with translation?
A:   Yes, call (503) 378-4140. The receptionist will connect you with an examiner who will be able to assist you with completion of the application.
Q:   Does Oregon require a licensed money transmitter to submit quarterly or biannual financial statements?
A:   No.  At annual renewal of the licensee must submit an annual report which includes their most recent audited financial statements and most recent unaudited interim financial statements.  Further details and requirements can be found on the renewal form 440-3265.
Q:   How long must I keep a security device in place once I surrender my license?
A:   The security device shall remain in place for no longer than five years after the licensee ceases money transmission operation in Oregon.  Contact the director for permission to reduce or eliminate requirement.
Q:   What are events that require a licensee to provide a written notice to the director?
A:   Oregon Revised Statute 717.245 and 717.250 addresses events that must be reported within 15 days.  Any change in address or change in name should also be reported to the director.
Q:   How is the money transmitter security device calculated for each Oregon authorized delegate?
A:   $25,000 is required for each money transmitter license, and is to be increased by $5,000 for each Oregon authorized delegate location, not to exceed a maximum of $150,000.
Q:   Does my money transmitter license allow me to cash checks?
A:  

Money transmitters with a valid money transmitter license in Oregon do not have to be licensed as check-cashing businesses. However, licensed money transmitters must comply with the fee limits, fee posting requirements, record keeping, and other requirements of the law. This exemption does not apply to any authorized delegates of licensed money transmitters; these businesses must be licensed to cash checks if they are providing check-cashing services. (ORS 697.502) 

See the Check Cashing Businesses page on our web site for more information.


Q:   Can I operate a transmitter business while the application is pending?
A:   No.  The license must actually be issued before you can operate a transmitter business.
Q:   Where can I find a list of businesses licensed to do money transmission for Oregon consumers?
A:   Visit the licensed money transmitters search page.  The page features searches by name, profession, or license number; by location; or offers a download function for obtaining the entire list of licensed money transmitters.
Q:   What does money transmission mean?
A:   The sale or issuance of payment instruments or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including but not limited to payment instrument, wire, facsimile or electronic transfer.
Q:   Where can I find a license application?
A:   Visit the application form for money transmitters (MS Word or 3260.pdf) and everything you need to apply for a money transmitters license is available.
Q:   Where can I get more information?
A:   The Division of Finance and Corporate Securities has been designated as the regulator of these licensed organizations operating in Oregon. You can get more information by calling (503) 378-4140.
Q:   Who is authorized to transmit money for Oregon consumers and businesses?
A:   Only those persons who are licensed by the Department of Consumer and Business Services, Division of Finance and Corporate Securities, and their authorized agents. A list of licensed money transmitters can be found at money transmitters.