CURRENCY EXCHANGE, CURRENCY TRANSMISSION, MONEY TRANSPORTATION and CHECK CASHING LICENSEE INFORMATION
During the 1998 Legislative Session a new law was enacted which significantly changed how the business of issuing and selling checks and money orders, other money transmission, money transportation and check cashing activities are regulated in the state of West Virginia. The new law, which became effective June 11, 1998, replaced and is codified at W. Va. Code Chapter 32A. Article 2 addresses the sale of checks, money transmission and money transportation while Article 3 addresses check cashing.
The application form to engage in all of the above activities is entitled:
**Under Construction – Statutory Updates in Process**
Contact our office at (304) 558-2294 to obtain renewal forms.
Questions and/or form requests may also be directed to Tracy Hudson at email@example.com
Authority to Obtain Information
Forms needed for fingerprinting must be obtained from the West Virginia Division of Banking and are available upon request. Such request may be submitted via email to Shelia Johnson or Ruth Holt or by phone to (304) 558-2294.
The following are exempt from the provisions of this article:
- Banks, trust companies, foreign bank agencies, credit unions, savings banks, and savings and loan associations authorized to do business in the state, or which qualify as federally insured depository institutions;
- The United States and any department or agency thereof;
- The United States post office;
- This state and any political subdivision thereof;
- Persons providing electronic transfer of government benefits by contract for or on behalf of the United States or any state or political subdivision thereof;
- Persons issuing or selling stored value cards which are intended to purchase items only from the issuer or seller of the stored value card;
- Persons engaged solely in removing currency from vending machines if the machines are not used for a gambling purpose;
- Persons engaged in currency transportation who provide services only to federally insured depository institutions or to federal, state or local government entities;
- Persons engaged in the business of currency transportation who operate an armored car service in this state pursuant to licensure under §30-18-1 et seq. of the W. Va. Code: Provided, That the net worth of the licensee exceeds five million dollars.
Any person who holds and maintains a valid license under this article may engage in the business of money transmission or currency exchange at one or more locations in this state through or by means of an authorized delegate or delegates as set forth in section twenty-seven [§ 32A-2-27] of this article, as said licensee may designate and appoint from time to time, and no such authorized delegate shall be required to obtain a separate license under this article.
MSB Tax Center Information from the IRS
The licensed activities are described as follows:
Currency transmission or money transmission - sale of checks, electronic transmission and wire transmission. Also includes the sale of stored value cards intended for general acceptance.
Currency exchange - conversion of currency from one governmental form to that of another government
Currency transportation - transportation of currency between locations
Check Cashing - cashing checks for consumers for a fee