Seller of Checks

​Licensed under chapter 217 of the Wisconsin Statutes, sellers of checks engage in the business of transmitting money and/or selling or issuing checks, including money orders, traveler's checks and prepaid cards.

NMLS Transition Information

Newly created chapter DFI-Bkg 79 in the Wisconsin Administrative code became effective on September 1, 2023.  The chapter requires:

  • Licensees to transition to the Nationwide Multistate Licensing System & Registry ("NMLS") by October 31, 2023.
  • New owners/officers to request a credit report and criminal history report through NMLS.
  • Material information to be kept current and accurate on NMLS.  If the information changes in any material respect, the licensee must update NMLS within 10 days after the change.
  • Annual renewals to be submitted thru NMLS.  It also indicates that if a licensee fails to renew by the required due date, the licensee can reinstate its license by filing the renewal thru NMLS, paying the renewal fee, submitting all required renewal documentation, and paying a $100 non-refundable reinstatement fee.  The reinstatement period will close on February 28th of each year.

Transition related resources for licensees are linked below.

Frequent Links

*Note: Entities that maintain their licenses on the Nationwide Multistate Licensing System & Registry (NMLS) must submit applications and amendments through NMLS.

Common Tasks

*Note: Entities that maintain their licenses on the Nationwide Multistate Licensing System & Registry (NMLS) must submit amendments through NMLS.

Helpful Information

  • Virtual Currency:  Wis. Stat. ch. 217, the "Seller of Checks" 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 developed by the Conference of State Bank Supervisors in conjunction with 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