<P> In the legal code of the United States, a money transmitter or money transfer service is a business entity that provides money transfer services or payment instruments . Money Transmitters in the US are part of a larger group of entities called Money Service Businesses or MSBs . Under federal law, 18 USC § 1960, businesses are required to register for a Money Transmitter license where their activity falls within the state definition of a money transmitter . </P> <P> Forty - nine US states (sans Montana) regulate money transmitters although the laws vary from one state to the other . Most of the states require a money transmitter surety bond with widely ranging amounts from as little as $25,000 to over $1 million and maintaining a minimum capital requirement . There is an association of state regulators, the Money Transfer Regulators Association (MTRA) that seeks to create uniformity and common practices and efficient and effective regulation of money transmission industry in the United States of America . The MTRA membership consists of state regulatory authorities in charge of regulating money transmitters and sellers of traveler's checks, money orders, drafts and other money instruments . </P>

When do you need a money transmitter license
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