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.
Wisconsin seller of checks licensees are required to maintain their Wisconsin licenses on
the Nationwide Multistate Licensing System & Registry (NMLS).
Information about Wisconsin seller of checks licensing is found in the NMLS Resource Center and information about licensed Wisconsin sellers of checks is found on the NMLS Consumer Access website.
- 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
Phone: (608) 261-7578