Pursuant to Sections 1315.01 to 1315.18 and 1315.99 of the Ohio Revised Code, the Division of Financial Institutions
(Division) regulates and licenses entities that transmit Ohio instruments or engage in the business of receiving money
Money transmitters may transmit money within the United States and to foreign countries. Persons wishing to become
licensed as a money transmitter must first schedule a pre-filing meeting with the Division. Thereafter, you must submit
an application with the necessary attachments, background check reports, anti-money laundering program policies and
procedures, Declaration of Material Assistance form, proof of security device, and fee to the Division. In order to issue
a license, the Division must determine that the person is financially sound, has the appropriate net worth, maintains
appropriate investments in an amount equal at all times to the aggregate of all customer outstanding checks, complies with
appropriate state & federal laws & regulations, including the federal Bank Secrecy and Patriot Acts , and will conduct
the money transmitter business fairly, honestly, and efficiently.
Licensees are required to file quarterly information, an annual audited financial statement, an annual Ohio License
Information Sheet, and pay an annual fee.
No person is permitted to transmit money unless licensed or specifically exempt (e.g. chartered financial institutions).
Examples of activities requiring licensing include issuing money orders or traveler's checks, and collection of payments
to be forwarded to lenders or vendors (e.g. utility payments or bimonthly mortgage payments). The Division can investigate
alleged violations and may examine licensees.
NOTE: Applicants must schedule a pre-filing meeting prior to filing their money transmitter application by calling
Senior Administrator John Bishop at (614)-644-7525.