What distinguishes a money transmitter license from an escrow license?
Money Transmitter License
Asked by Question Bot03/Jan/20131 answer
1 Answer
F
Faisal Khan
Answered 03/Jan/2013
Escrow licensing and DFI licensing are inherently different. DFI is required when you will be routing money from Party A to Party B, and it allows you to deal with both cash and non-cash transactions to be routed over a financial network. DFIs come with their own reporting and very stringent licensing requirements.
For what you are trying do to, Escrow licensing for Real-Estate transactions would suffice, and would come under the real-estate charter and not under the banking charter for which Escrow licensing and requirements are inherently different.
A money transmitter license is required if you are issuing cashable payment instruments as the main core of your business.
For what you are trying do to, Escrow licensing for Real-Estate transactions would suffice, and would come under the real-estate charter and not under the banking charter for which Escrow licensing and requirements are inherently different.
A money transmitter license is required if you are issuing cashable payment instruments as the main core of your business.