Alabama money transmitter license renewal

Professional Standards. Course Providers. Electronic Surety Bond. NMLS Modernization. State Examination System. Proposals for Comment.

Release Notes. State Licensing Requirements. Common Requirements. Criminal Background Check. Credit Report. Approved Topics. State Education Notices. Functional Specification. Course Resources. Rules of Conduct for Students. Provider Working Group. Individual Resources. Preparing for Renewal Quick Reference.

Completing Late CE Video. Renewal Handbook for Individuals. CE Deadline Chart. Fingerprint Exceptions Quick Guide. Do Not Renew Quick Guide. Do Not Renew Video. State Licensing. Professional Standards. Course Providers. Electronic Surety Bond. NMLS Modernization. State Examination System. NMLS News. Proposals for Comment. Release Notes. State Licensing Requirements.

Common Requirements. Criminal Background Check. Credit Report. Approved Topics. State Education Notices. Functional Specification. Course Resources. Rules of Conduct for Students.

Provider Working Group. Late CE Approval. Comments or Questions. License Period — The Alabama Money Transmitter License expires on March 31 of each year and must be renewed before the expiration date. Businesses must submit financial statements verifying their net worth when submitting their license application. To submit a license application, applicants must first request to obtain an NMLS account. Applicants must complete entire the application, including the following steps:.

After submitting the license application, the Securities Commission will determine the required bond limit the money transmitter must obtain. Money transmitters must purchase and maintain a money transmitter surety bond prior to being issued their license. Money transmitters can renew their license online through the NMLS. License holders need to simply login to their account to access their renewal application. The Alabama Money Transmitter License expires on March 31 of each year and must be renewed before the expiration date.

The State of Alabama does not require businesses to obtain any form of liability insurance as a prerequisite to obtaining a Money Transmitter License. Businesses must purchase and maintain a money transmitter surety bond. Money transmitters should submit the completed bond form, including the power of attorney, electronically through the NMLS. The money transmitter surety bond requires signatures from both the surety company that issues the bond and the money transmitter.