LICENSING REQUIREMENTS
The DISB Office of Innovation and the Banking Bureau want fintech companies to be aware of money transmitter and money lender licensing requirements in the District of Columbia.
MONEY TRANSMISSION
Pursuant to the District of Columbia Money Transmission Code 26-1001, no person shall engage in the business of money transmission in the District of Columbia without obtaining a money transmitter license from the Department of Insurance, Securities and Banking (DISB), unless exemptions apply. “Money transmission” means the sale or issuance of payment instruments 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.
The Money Transmitter License application and all supporting documents must be submitted online through the NMLS website. Please review the list of required documents on the Checklist Compiler webpage.
Contact DISB Non-Depository Licensing staff by phone at 202.727.8000 or send your questions via email to [email protected] or additional assistance.
ONLINE LENDING
Pursuant to the District of Columbia Money Lender Code 26-901, any person, firm, voluntary association, joint-stock company, incorporated society, or corporation, not exempt by section §26-912 of the Code of the District of Columbia, engaging in the business of loaning money with a rate of interest greater than six percent per annum shall obtain a money lender license. In accordance with the DC Code, no such person or entity shall charge or receive an interest rate exceeding 24% per annum on any loan.
The Money Lender License application and all supporting documents must be submitted online through the NMLS website. Please review the list of required documents on the Checklist Compiler webpage.
Contact DISB Non-Depository Licensing staff by phone at 202.727.8000 or send your questions via email to [email protected] for additional assistance.
DIGITAL BANKING
For more information regarding banking compliance requirements with DISB, click here.