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Sellers of Checks

Licensed under Chapter 217, sellers of checks companies engage in the business of transmitting money and/or selling or issuing checks, including money orders, traveler's checks and prepaid cards.

Common Tasks

Virtual Currency

Chapter 217, the "Seller of Checks" law, does not currently give the Department the authority to regulate virtual currency. The division is therefore unable to license or supervise companies whose business activities are limited to those involving virtual currency. However, should the transmission of virtual currency include the involvement of sovereign currency, it may be subject to licensure depending on how the transaction is structured. The division would encourage companies to consult with their legal counsel to determine whether the business activities they plan to conduct meet those defined in Chapter 217 as requiring licensure. Please be advised, this position is given subject to subsequent changes required by any regulations or interpretations by the division under Chapter 217.

Notice to Consumers

The division is aware that some of the companies it has licensed to sell or issue checks or receive sovereign currency for transmission, may also transmit virtual currency. Please be advised that the virtual currency activities of those licensees are not subject to the statutory authority of the division under Chapter 217.