Money transmitters in Texas

Who needs this in Texas

A business that transmits money or sells payment instruments to Texas customers generally needs a money-transmission license from the Texas Department of Banking. This is not an OCCC lender license and not an SML mortgage license.

Where to file

Request the Texas money-transmitter license on NMLS with the Department of Banking. FinCEN MSB registration is a parallel federal filing.

Federal overlay

FinCEN MSB registration and the Bank Secrecy Act are federal duties. They never substitute for a required state money-transmitter license. Unlicensed money transmission can also be a federal crime under 18 U.S.C. § 1960.

Sources

• NMLS / CSBS state agency contacts
• FinCEN MSB registration
• Texas Department of Banking — money services