Money Transmitters

Title 7, Chapter 25 titled the “Money Transmitter Act” was enacted when the 2015 Utah Legislature passed Senate Bill 24, amending the Financial Institutions Act, Utah Code Annotated. In 2020, the statute was amended to exclude “Blockchain Token” from the definition of money transmission.

In Utah, “Money transmission” means the sale or issuance of a payment instrument or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including payment instrument, wire, facsimile, or electronic transfer.

To access the Utah code relating to the “Money Transmitter Act” follow the link to the Utah State Legislature’s website: Utah Code – Title 7 – Chapter 25 – Money Transmitter Act

All money transmitter licensing and annual renews take place through the Nationwide Multistate Licensing System (NMLS), formerly known as Nationwide Mortgage Licensing System and Registry.

Individuals who want to verify that a company is authorized to conduct business in Utah may verify the license status by visiting the NMLS Consumer Access. If the company you are looking for is not listed, it could mean that they have not applied for a license, that their application is in process, or that they are exempt from Chapter 25.

New Money Transmitters

To become a money transmitter in Utah, several things are required, including independently audited financials showing a net worth of not less than $1,000,000 for the prior fiscal year (12 months). A review of the Utah statute regulating money transmitter activity could be helpful (link above). In 2020, the statute was amended to exclude “Blockchain Token” from the definition of money transmission.

This chapter does not apply to:

(1) the United States or a department or agency of the United States;
(2) the state or a political subdivision of the state; or
(3) a depository institution or a trust company organized under the laws of a state or the United States.

On the NMLS, there is a Requirements Checklist that contains information needed to submit a money transmitter application. Click the link below to proceed to the NMLS for more information:

Nationwide Multistate Licensing System

The NMLS Call Center provides user support for navigating the NMLS and performing essential functions within the System. You can call the Call Center at 855-665-7123, Monday through Friday 9 am to 9 pm Eastern Time, except for specified holidays. You may also visit the NMLS Resource Center for NMLS-related tools, tips, news, and updates.

For other questions, please contact the department at:

Department of Financial Institutions
PO Box 146800
Salt Lake City, UT 84114-6800

Or via email at: msb.dfi@utah.gov, or Phone: 801-538-8830.