Department of Labor and Regulation

Title - Banking

Money Transmitters — License Renewal

Please note: All application material must be one-sided documents.

Licenses issued under SDCL Chapter 51A-17 expire annually on July 1. Renewal notices will be sent to licensees at the address on record in April of each year and will be due by June 1 of each year. Please contact the Division if you do not receive the renewal notice by May 1. A licensee who has not filed a renewal report or paid its renewal fee by June 1 shall have his or her license suspended immediately. The licensee then has 30 days after the license is suspended in which to file a renewal report and pay the renewal fee, plus $100 for each business day after suspension that the director does not receive the renewal report and fee. Any license not renewed prior to July 1 expires.

The renewal fee is $800 as set by Administrative Rule of South Dakota (ARSD) 20:07:21:02.

The Money Transmitter License Renewal Application is available on this website from April 1 to June 30 of each year. The report requirements include, but are not limited to, the following:

  1. A copy of the most recent audited consolidated annual financial statement, including balance sheets, statement of income or loss, statement of changes in shareholder's equity, and statement of changes in financial position.
  2. The number of payment instruments sold in South Dakota, the dollar amount of those instruments and the dollar amount of those instruments currently outstanding for the most recent quarter or March 31 of the current year.
  3. A list of permissible investments.
  4. A list of all locations in South Dakota at which licensed business is being conducted by either the licensee or its authorized delegate.
  5. Any material changes to the previous application that have not been reported. Items to be reported include:
    • Filing bankruptcy or reorganization.
    • Any revocation or suspension against the licensee by any state or governmental authority.
    • Any felony indictment or felony conviction of the licensee or any key officers or directors related to money transmission activities.
    • Any changes in control or controlling person.
    • Notification of authorized delegate(s) contract termination.

 

 


Marcia Hultman, Secretary
700 Governors Drive
Pierre, SD 57501-2291
Tel. 605.773.3101
Fax. 605.773.6184