Please read Chapter 151 to determine if you are engaged in a business that requires a license and what kind of license you need. All applications for money transmission must be submitted via NMLS and applications for currency exchange only must be submitted by mail utilizing the Currency Exchange License Application found on the Department’s website.Ĭertain requirements for a money transmission license are different from the requirements for a currency exchange license. Please note that there are two separate Money Service Business applications. Money transmission includes 1) issuing or selling prepaid access cards and instruments such as checks, money orders and traveler’s checks 2) receiving money for transmission 3) providing third-party bill paying services 4) transporting currency 5) accelerated payment programs or 6) currency exchange.A person or business that engages only in the currency exchange business must have a currency exchange license. A person or business that engages in the money transmission business must have a money transmission license.
There are two types of Money Services Business licenses and separate applications for each type.
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Texas Finance Code (Code), Chapter 151 (Chapter 151), generally requires a person or business to have a license to engage in the money services business in Texas.
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