2150 Department of Financial Institutions
Program Descriptions

20 - MONEY TRANSMITTERS

The objective of this program was to promote the integrity and stability of businesses receiving money in the United States for transmission, selling or issuing payment instruments, and selling or issuing stored value. The objective was accomplished through the examination, regulation, and supervision of these institutions. Examinations were conducted at any time to ensure the licensees were complying with the provisions of the Money Transmission Act and operating in a safe and sound manner. In order to protect the public, a thorough review of each new applicant was conducted before a license is issued.