Licensed under chapter 217 of the Wisconsin Statutes, money transmitters engage in the business of transmitting money and/or selling or issuing checks, including money orders, traveler's checks and prepaid cards.
Wisconsin money transmitter licensees are required to maintain their Wisconsin licenses on
the Nationwide Multistate Licensing System & Registry (NMLS).
Information about Wisconsin money transmitter licensing is found in the NMLS Resource Center and information about licensed Wisconsin money transmitters is found on the NMLS Consumer Access website.
2023 WI Act 267 & the Money Transmitter Modernization Act
WI Act 267 was signed by Governor Evers on April 4, 2024, and will become effective on January 1, 2025. The act repeals and replaces Chapter 217 of the Wisconsin Statutes, currently known as the Seller of Checks law. The current Seller of Checks license is being renamed the Money Transmitter license.
Existing Seller of Checks Licensees:
- Watch for a license item in NMLS that instructs you to obtain a new electronic surety bond.
- Take action to ensure that your policies and procedures will comply with the new Money Transmitters law beginning January 1, 2025.
New Applicants:
- Beginning October 1, 2024, Money Transmitter License applications can be submitted through NMLS.
- Companies with no physical presence in Wisconsin who previously were not required to hold a license must now obtain a Wisconsin money transmitter license.
- Applicants are encouraged to submit the application as soon as possible to allow the Division of Banking time to review the application, and to allow the applicant time to address deficiencies before the new law goes into effect. Applications must be approved by January 1, 2025 when the new requirements are effective.
More information about the new law is found here.
Frequent Links
Helpful Information
- Virtual Currency: Wis. Stat. ch. 217, the "Money Transmitter" law, does not currently give the Department of Financial Institutions the authority to regulate virtual currency. The Division of Banking (division) is therefore unable to license or supervise companies whose business activities are limited to those involving virtual currency. However, should the transmission of virtual currency include the involvement of sovereign currency, it may be subject to licensure depending on how the transaction is structured. The division would encourage companies to consult with their legal counsel to determine whether the business activities they plan to conduct meet those defined in chapter 217 as requiring licensure. Please be advised, this position is given subject to subsequent changes required by any regulations or interpretations by the division under chapter 217.
- Notice to Customers: The Division of Banking is aware that some of the companies it has licensed to sell or issue checks or receive sovereign currency for transmission, may also transmit virtual currency. Please be advised that the virtual currency activities of those licensees are not subject to the statutory authority of the division under Wis. Stat. ch. 217.
- 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