Money Transmitters

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
AL	Alabama Securities Commission	Bene Kyles	334-242-2372	Email	None	Link
AK	Alaska DCCED Division of Banking & Securities	Marilyn White	907-269-4594	Email	10 business days	Link
AZ	Arizona Dept of Financial Institutions	Stephen Rosenthal	602-771-2844	Email	None	Link
AR	Arkansas Securities Department	Karyn Tierney	501-324-8671	Email	None	Link
CA	California Department of Financial Institutions	Robert Venchiarutti	415-263-8511	Email	10 business days	Link
CO	Colorado Division of Banking	Terry Breckenridge	303-894-7838	Email	None	Link
CT	Connecticut Department of Banking	Min Liu	860-240-8283	Email	None	Link
DE	Delaware Office of the State Bank Commissioner	E. Quinn Miller	302-739-4235	Email	Five days for money transmitted abroad	Link
DC	Department of Insurance, Securities and Banking	Calvin Clark	202-442-7821	Email	None	Link
FL	Florida Office of Financial Regulation	Michael S. Ramsden	850-410-9840	Email	10 business days	Link
GA	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
HI	Hawaii Division of Financial Institutions	Lynne Himeda	808-586-2814	Email	10 business days	Link
ID	Idaho Department of Finance	James Burns	208-332-8080	Email	None	Link
IL	Illinois Dept of Financial and Professional Regulation	Paul Vasilakos	312-793-2176	Email	Three business days	Link
IN	Indiana Department of Financial Institutions	Dave Larson	317-232-5849	Email	None	Link
IA	Iowa Division of Banking	Stuart W. McKee	515-281-4014	Email	None	Link
KS	Office of State Bank Commissioner, Division of Banking	Robin Wilson	785-296-2266	Email	None	Link
KY	Kentucky Department of Financial Institutions	Chris Thompson	800-223-2579 x243	Email	None	Link
LA	Louisiana Office of Financial Institutions	Doug Buras	225-922-2595	Email	None	Link
ME	Maine Department of Professional and Financial Regulation, Office of Consumer Credit Regulation	David Stolt	207-624-8527	Email	None	Link
MD	Department of Labor, Licensing and Regulation, Office of the Commissioner of Financial Regulation	Nicole Mavias	410-230-6094	Email	None	Link
MA	Massachusetts Division of Banks	Tiffany Fowlie	617-956-1549	Email	Seven days for transmission to foreign countries	Link
MI	Michigan Office of Financial and Insurance Regulation	Karen J. Tingley	877-999-6442	Email	None	Link
MN	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
MS	Department of Banking and Consumer Finance	Carolyn Heck	800-844-2499	Email	None	Link
MO	Missouri Division of Finance	Joe Crider	573-751-3242	Email	None	Link
MT	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
NE	Nebraska Department of Banking and Finance	Scott Peter	877-471-3445	Contact Page	None	Link	Not a member of the Money Transmitter Regulators Association
NV	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
NH	New Hampshire Banking Department	Nancy Burke	603-271-3561	Email	None	Link
NJ	New Jersey Department of Banking and Insurance	Thomas M. Hunt	609-292-7272 x50223	Email	None	Link
NM	Money transmitters are not regulated
NY	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
NC	North Carolina Office of the Commissioner of Banks	Rodney Oldham	919-733-3016	Email	None	Link
ND	North Dakota Dept of Financial Institutions	Chris Ludwig	701-328-9933	Email	None	Link
OH	Ohio Division of Financial Institutions	John K. Bishop	614-644-7525	Email	None	Link	relevant portion of law begins at Sec. 1315.01
OK	Oklahoma State Banking Department	Dudley Golbert	405-521-2782	Email	None	Link
OR	Oregon Department of Consumer & Business Services	Michael McCord	503-947-7844	Email	None	Link
PA	Pennsylvania Department of Banking and Securities	Don DeBastiani	717-783-2494	Email	None	Link
RI	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
SC	Money transmitters are not regulated
SD	South Dakota Division of Banking	Bret Afdahl	605-773-3421	Email	None	Link
TN	Tennessee Department of Financial Institutions	Justin McClinton	615-532-1021	Email	None	Link
TX	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.
UT	Utah Department of Financial Institutions	Jerry Jaramillo	801-538-8830	Email	None	Link
VT	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.
VA	Virginia Bureau of Financial Institutions	Nicholas C. Kyrus	804-371-9690	Email	None	Link
WA	Washington Department of Financial Institutions	Adam Johnson	360-970-8332	Email	None	Link
WV	West Virginia Division of Financial Institutions	Tracy Hudson	304-558-2294	Email	Three business days	Link
WI	Wisconsin Department of Financial Institutions, Division of Banking	Nancy Schreiber	608-261-2312	Email	Five days for transmission to foreign country	Link
WY	Wyoming Division of Banking	Ryan Seals	307-777-6601	Email	None	Link

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