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.
2023 WI Act 267 & the Money Transmitter Modernization Act
WI Act 267 was signed by Governor Evers on April 4, 2024, and became effective on January 1, 2025. The Act repealed Chapter 217 of the Wisconsin Statutes, which was known as the Seller of Checks law, and replaced it with the Model Money Transmission Modernization law.
It is important to note that as of January 1, 2025, money transmitters without a physical Wisconsin presence must have a Wisconsin money transmitter license to engage in money transmission with persons located in Wisconsin unless the money transmitter qualifies for an exemption under Wis. Stat. s. 217.03. Prior to January 1, 2025, a license was not required if there was no physical presence.
More information about the new law is found here.
Bitcoin ATM Operators
Frequent Links
- Application for a Wisconsin Money Transmitter License
- Money Transmitters are required to apply for and maintain their Wisconsin license on the
Nationwide Multistate Licensing System & Registry (NMLS). Please
refer to the NMLS Checklist Compiler for a detailed list of information that must be provided with the application.
- License Amendment Instructions
- Refer to the applicable Wisconsin NMLS Amendment Checklist for
instructions on how notify the Division of Banking about changes to:
- Direct Owners, Indirect Owners, Affiliates or Subsidiaries
- Executive Officers or other Control Persons
- Addresses
- Legal Names or Trade Names
- Legal Status
- Disclosure Question and Answers
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.
- Financial Statement Requirements: The licensed legal entity's audited fiscal year-end financial statements must be uploaded to NMLS within 90 days after
the completion of each fiscal year. Licensees must maintain
at all times a tangible net
worth in excess of the greater of $100,000 or the sum of the following:
3% of the licensee’s first $100,000,000 in total assets, plus 2
percent of any additional assets up to $1,000,000,000, plus 0.5% of any
additional assets over $1,000,000,000.
- Financial
statements must be
prepared in accordance with U.S. generally accepted accounting principles.
- “Tangible
net worth” means the aggregate assets of a licensee excluding all
intangible assets, less liabilities, as determined in accordance with
U.S. generally accepted accounting principles.
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