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#749584 - 06/08/07 03:28 PM MSB - State Registration
SunnyFL, CRCM Offline
100 Club
Joined: Sep 2004
Posts: 205
FL
We have auditors here and have had several conversations about MSB's registering with the state (Florida). We thought it was only required in Florida if the total gross income from compensation for cashing checks or exchanging foreign currency exceeded 5 percent of the total gross income. Does anyone have any info on this? Thanks for the help.

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#749597 - 06/08/07 03:36 PM Re: MSB - State Registration SunnyFL, CRCM
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
The states may have any number of activities or dollar thresholds that require licensure of non bank financial institutions at the state level. The Florida Money Transmitters Code, FSA Chapter 560, describes Florida licensure requirements.

Each set of requirements stands on its own; activities that might require federal registration may not require state licensure and activities that require state licensure may not require federal registration.

It is wrong to assume that all registered MSBs must also be licensed by the state.
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