A state money transmitter licence is the licence a US state issues to a non-bank business that receives money for transmission, sells payment instruments or stored value, or otherwise carries on money transmission in that state. It is the same thing as a money transmitter license (MTL), covered in the main entry; the British spelling "licence" is used outside the United States.
The word "state" stresses that licensing is done separately by each state rather than nationally. A payment company serving customers across the country typically needs licences in nearly every state, each with its own application, net worth requirement, surety bond, permissible investment rules and examinations, a burden discussed under multistate licensing. Most applications are filed through the Nationwide Multistate Licensing System (NMLS), and the Money Transmission Modernization Act model law has been adopted by many states to align their requirements.
A state licence is separate from federal registration with FinCEN as a money services business, which every money transmitter must also complete. Firms that do not yet hold licences sometimes operate as an authorized delegate of a licensed company instead.