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There are many different types of services businesses provide to transfer, negotiate, and hold money. A state may require a money service license for all types of money services or
just a license for select services. Businesses face severe penalties if they operate outside of the law in this industry. LicenseLogix can take the time consuming and distracting
task of obtaining and maintaining the proper license off your desk for a fraction of the cost of doing it internally. Let us research, prepare, and file your money service business
licenses.
With a few exceptions, each money services business must register with the Department of Treasury. This registration must be renewed every two years. Civil and criminal
penalties may be imposed for violation of the registration requirement.
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License requirements for money service businesses are different in each state. Commonly regulated services include check cashers, money transfers, credit unions, currency exchanges,
commercial banks, and small loans. Applicants must often provide the state with businesses financial statement, corporate documents, and bonds. The state may also require
biographical statements, fingerprints, and criminal history reports from each owner of the business. Each business location must be licensed and all types of money service
licenses are renewable.
Operation of an unlicensed money services can often result in criminal charges. Law enforcement regularly conducts investigations of money institutions. Fines can reach the millions of
dollars depending on the gravity of the charges. Other penalties include cease and desist orders, permanent license revocation, and imprisonment.
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