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Merchants' Guide to State Money Transmitter Requirements
for PayPal, Google, Amazon and Other Online Payment Services


Online payment processors such as PayPal, Amazon and Google are generally regulated at the state level where they are classified as money transmitters. EcommerceBytes compiled this guide to state money transmitter laws in November 2012, see an introduction in this November 8, 2012 article.

State

Agency

Contact

Phone

Email

Hold period

Link to relevant statute/regulation

Comments

Alabama

Alabama Securities Commission

Bene Kyles

334-242-2372

Email

None

Link

Alaska

Alaska DCCED Division of Banking & Securities

Marilyn White

907-269-4594

Email

10 business days

Link

Arizona

Arizona Dept of Financial Institutions

Stephen Rosenthal

602-771-2844

Email

None

Link

Arkansas

Arkansas Securities Department

Karyn Tierney

501-324-8671

Email

None

Link

California

California Department of Financial Institutions

Robert Venchiarutti

415-263-8511

Email

10 business days

Link

Colorado

Colorado Division of Banking

Terry Breckenridge

303-894-7838

Email

None

Link

Connecticut

Connecticut Department of Banking

Min Liu

860-240-8283

Email

None

Link

Delaware

Delaware Office of the State Bank Commissioner

E. Quinn Miller

302-739-4235

Email

Five days for money tranmitted abroad

Link

District of Columbia

Department of Insurance, Securities and Banking

Calvin Clark

202-442-7821

Email

None

Link

Florida

Florida Office of Financial Regulation

Michael S. Ramsden

850-410-9840

Email

10 business days

Link

Georgia

Georgia Dept. of Banking and Finance

Joel Byers

770-986-1656

Email

None, but five day remittance requirement for agents that contract with transmitters

Link

$1,000 fine for failing to respond to a customer complaint

Hawaii

Hawaii Division of Financial Institutions

Lynne Himeda

808-586-2814

Email

10 business days

Link

Idaho

Idaho Department of Finance

James Burns

208-332-8080

Email

None

Link

Illinois

Illinois Dept of Financial and Professional Regulation

Paul Vasilakos

312-793-2176

Email

Three business days

Link

Indiana

Indiana Department of Financial Institutions

Dave Larson

317-232-5849

Email

None

Link

Iowa

Iowa Division of Banking

Stuart W. McKee

515-281-4014

Email

None

Link

Kansas

Office of State Bank Commissioner, Division of Banking

Robin Wilson

785-296-2266

Email

None

Link

Kentucky

Kentucky Department of Financial Institutions

Chris Thompson

800-223-2579 x243

Email

None

Link

Louisiana

Louisiana Office of Financial Institutions

Doug Buras

225-922-2595

Email

None

Link

Maine

Maine Department of Professional and Financial Regulation, Office of Consumer Credit Regulation

David Stolt

207-624-8527

Email

None

Link

Maryland

Department of Labor, Licensing and Regulation, Office of the Commissioner of Financial Regulation

Nicole Mavias

410-230-6094

Email

None

Link

Massachusetts

Massachusetts Division of Banks

Tiffany Fowlie

617-956-1549

Email

Seven days for transmission to foreign countries

Link

Michigan

Michigan Office of Financial and Insurance Regulation

Karen J. Tingley

877-999-6442

Email

None

Link

Minnesota

Department of Commerce, Division of Banking and Finance

Robin Brown

651-282-9855

Email

Five days for wire transmissions

Link

Not a member of the Money Transmitter Regulators Association

Mississippi

Department of Banking and Consumer Finance

Carolyn Heck

800-844-2499

Email

None

Link

Missouri

Missouri Division of Finance

Joe Crider

573-751-3242

Email

None

Link

Montana

Division of Banking and Financial Institutions

Wayne Johnston

406-841-2918

Email

Five business days upon availability of funds for withdrawal

Link

Not a member of the Money Transmitter Regulators Association; PayPal is registered in this state as an escrow business

Nebraska

Nebraska Department of Banking and Finance

Scott Peter

877-471-3445

Contact Page

None

Link

Not a member of the Money Transmitter Regulators Association

Nevada

Nevada Department of Business and Industry, Division of Financial Institutions

Sandi Mincer

702-486-4120
x244

Email

None

Link

PayPal, Amazon not registered, but Google Checkout and Moneybookers are

New Hampshire

New Hampshire Banking Department

Nancy Burke

603-271-3561

Email

None

Link

New Jersey

New Jersey Department of Banking and Insurance

Thomas M. Hunt

609-292-7272
x50223

Email

None

Link

New Mexico

Money transmitters are not regulated

New York

New York State Department of Financial Services

Consumer hotline

1-877-BANKNYS

Contact Page

None

Link

As of July 3, 2012, PayPal and Amazon were not registered, but Google Payment Corp. was

North Carolina

North Carolina Office of the Commissioner of Banks

Rodney Oldham

919-733-3016

Email

None

Link

North Dakota

North Dakota Dept of Financial Institutions

Chris Ludwig

701-328-9933

Email

None

Link

Ohio

Ohio Division of Financial Institutions

John K. Bishop

614-644-7525

Email

None

Link

relevant portion of law begins at Sec. 1315.01

Oklahoma

Oklahoma State Banking Department

Dudley Golbert

405-521-2782

Email

None

Link

Oregon

Oregon Department of Consumer & Business Services

Michael McCord

503-947-7844

Email

None

Link

Pennsylvania

Pennsylvania Department of Banking and Securities

Don DeBastiani

717-783-2494

Email

None

Link

Rhode Island

Rhode Island Department of Business Regulation, Division of Banking

Paul McGreevy

401-462-9532

Email

None

Link

Not a member of the Money Transmitter Regulators Association

South Carolina

Money transmitters are not regulated

South Dakota

South Dakota Division of Banking

Bret Afdahl

605-773-3421

Email

None

Link

Tennessee

Tennessee Department of Financial Institutions

Justin McClinton

615-532-1021

Email

None

Link

Texas

Texas Department of Banking

Stephanie Newberg

512-475-1280

Email

10 business days for authorized delegates to remit to license holders

Link

An applicant for a money transmission license must provide, and a money transmission license holder must maintain at all times, security consisting of a surety bond, an irrevocable letter of credit, or a deposit instead of a bond in accordance with this section.

Utah

Utah Department of Financial Institutions

Jerry Jaramillo

801-538-8830

Email

None

Link

Vermont

Vermont Dept of Banking, Insurance, Securities and Health Care Administration

Sue S. Clark

802-828-4878

Email

None

Link

Within 10 business days after being advised by the payor financial institution that a payment instrument has been altered, forged, stolen, obtained through fraudulent or illegal means, negotiated without proper legal authority, or represents the proceeds of illegal activity, the licensee shall notify the police department in the city or town where the payment instrument was cashed.

Virginia

Virginia Bureau of Financial Institutions

Nicholas C. Kyrus

804-371-9690

Email

None

Link

Washington

Washington Department of Financial Institutions

Adam Johnson

360-970-8332

Email

None

Link

West Virginia

West Virginia Division of Financial Institutions

Tracy Hudson

304-558-2294

Email

Three business days

Link

Wisconsin

Wisconsin Deptartment of Financial Institutions, Division of Banking

Nancy Schreiber

608-261-2312

Email

Five days for transmission to foreign country

Link

Wyoming

Wyoming Division of Banking

Ryan Seals

307-777-6601

Email

None

Link


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