Licensed under Wis. Stat. s. 218.05, community currency exchanges cash checks for customers for a fee.
2023 WI Act 267 & NMLS Transition
WI Act 267
was signed by Governor Evers on April 4, 2024, and will become
effective on January 1, 2025. The Act modernizes and clarifies various
provisions of Wis. Stat. s. 218.05, Wisconsin's currency exchange statute, as
well as many of the other statutes and rules administered by the
Department of Financial Institutions' Division of Banking.
WI Act 267, in part, requires currency exchange licensees to transition their licenses to the Nationwide
Multistate Licensing System & Registry
(NMLS) between January 1, 2025 and September 30, 2025. Information about how to transition a license to NMLS is found here. The division encourages licensees to submit their transition requests early.
Licensees should
review
the sections of WI Act 267 that pertain to s. 218.05 and to NMLS to ensure
internal policies and procedures will be compliant when the changes to the statute
go into effect.
Frequent Links
Helpful Information
- Cybersecurity Resources
Cybersecurity 101 - a
resource developed by the Conference of State Bank Supervisors intended
to be an easily-digestible, non-technical reference guide to help
executives develop a comprehensive, responsive cybersecurity program in
line with best practices.
- Ransomware Self-Assessment Tool
– a resource updated October 15, 2024, and developed by the Conference of State Bank Supervisors in conjunction with state bank examiners, the Bankers Electronic Crimes Taskforce, and the United States Secret Service which contains important controls that all types of companies should use to assess their efforts to mitigate risks associated with ransomware and to identify opportunities for increasing security.
Contact Us
Phone: (608) 261-7578
Email: DFI_LFS@dfi.wisconsin.gov