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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