|
|
West Virginia Division of Banking 1900 Kanawha Boulevard, East Building #3, Room 311 Charleston, WV 25305-0240 |
Phone: (304) 558-2294 Fax: (304) 558-0442 Our regular Business hours are: 8:30am to 4:30pm M-F Eastern Std. |
CURRENCY TRANSMISSION Currency transmission or money transmission is defined as engaging in the business of selling or issuing checks or the business of receiving currency for the purpose of transmitting the currency or its equivalent by wire, facsimile, or other electronic means, or through the use of a financial institution, financial intermediary, the federal reserve system, or other funds transfer network. It also includes the transmission of funds through the issuance and sale of stored value cards which are intended for general acceptance and use in commercial or consumer transactions.The following documents are viewable with Microsoft Word Viewer or Adobe Acrobat.
$50,000 plus an additional $25,000 for each additional authorized delegate location within the State of West Virginia. The maximum net worth required is $1 million. Bond or Deposit Requirement The Bond or alternative Deposit of Securities required is $300,000 for Currency Transmission by Wire or other electronic means plus an additional $25,000 for each authorized delegate office in the state up to a maximum of $1 million dollars. The Bond or alternative Deposit of Securities required for entities engaged in the Sale of Money Orders and Travelers Checks is $100,000 plus an additional $25,000 for each authorized delegate location within the State of West Virginia. The maximum bond or deposit required is $1 million. Designation of Principals Applicants must identify those persons who are principals. Principals are defined as a licensee's owner, president, senior officer responsible for the licensee's business, chief financial officer or any other person who performs similar functions or who otherwise controls the conduct of the affairs of a licensee. A person controlling 10% or more of the voting stock of any corporate applicant is a principal. Each principal of the Applicant is subject to a background investigation and must furnish fingerprints unless exempted under state law pursuant to Chapter 31A, Article 2, Section 4(b)(4) of the WV Code. West Virginia Division of Banking State Capitol Complex Building 3, Room 311 1900 Kanawha Boulevard East Charleston, West Virginia 25305-0240 | |||||||||
| ©1999 West Virginia Division of Banking. All Rights Reserved. |
