SERVICES

GUIDANCE THROUGH THE MULTI-STATE LICENSING PROCESS

Jamie Uppenberg has the expertise to guide your FinTech through the licensing process across every U.S. state and territory.

When you’re entering the multi-state licensing process, you want someone who’s been through it before and knows what to expect.

Jamie has built the foundational license applications for three FinTechs as a C-level of those organizations.

Jamie has received positive feedback on applications from various state regulators, and she generally understands how the regulators think.

Because of her experience, Jamie can help your firm get through the process as efficiently as the process allows.

Unlike other firms, Jamie’s actually been the Chief Compliance Officer responsible for not only the submitted license applications, but also the internal responsibilities of what is being submitted.

Jamie can help your firm submit an audit-ready document program within your application.

“Getting through required documentation was such a fast process, one of the fastest and yet most accurate I’ve seen. Once Jamie learns your business there’s no dawdling, priorities are set and everyone is informed so we’re all aligned.”

James Oates

Compliance Advisor

Is a multi-state license appropriate for your firm?

Money Transmitter and Lending Licenses tend to come into play when:

Your company doesn’t have a track record, is too young, and you can’t find a bank to take you on
Your product is too new/innovative, and banks just don’t like what they don’t know so you end up too high risk
You don’t want to pay your sponsorship bank anymore, or just want to remove that “bank” risk from your product

While Lending Licenses are the easier type of license compared to MTLs, a little consulting help can really go a long way to getting licenses approved so you can go back to running your business.

Guidance through the Money Transmitter Licensing Process

In general, if you are transferring “value,” which could be money or something that could be considered like money, between people or people and businesses, you have a reasonable probability of needing MTLs from several if not all states.

Our process for getting your product/company licensed across multiple states includes the following:

Recommendations for managing through requirements quickly and easily
Positioning for your business/product to potentially avoid regulatory challenges
Coaching for your in-person meetings with regulators

Non-Bank Lenders now need state Lending Licenses

Lending Licenses are newer than MTLs and are becoming more and more prevalent as a result of more FinTechs entering the lending space without bank sponsored products, states getting consumer complaints about such firms, and then states creating licensing requirements for consumer protection.

The name of the lending licenses still varies considerably by state with Small Lending Licenses possibly being the most common. A separate Collections License is also needed in some cases.

Guidance for Lending Licenses is the same as MTL’s, including recommendations, positioning, and coaching.

Benefits of working with a consultant

Expertise

Jamie has done this before. Many times. She has been a US banker for over 15 years.

Speed

Jamie has developed a process that allows her to simply get through many requirements as quickly and accurately as possible.

Productivity

Your company can maintain productivity as Jamie takes a great deal of burden off your personnel.

FAQs

We have high-risk products. Will we get approval for an MTL?

Jamie has received license approvals for some seemingly high-risk products. High risk certainly doesn’t mean you won’t be approved. It’s mostly about positioning the risk for the regulators and being certain about your internal environment as you’re consistently questioned by them. Simply knowing how your firm handles the primary regulator-focused components of these applications is critical to approvals.