Application For License and Requirements for Maintaining a Check Sellers, Bill Payors or Proraters License
The license requirements are set forth in Section 12000, et seq. of the law.
The law requires that applicants for Check Sellers licenses maintain a minimum net worth of $500,000 and a $500,000 license bond.
Bill Payers and General Proraters must maintain a minimum of $10,000 net worth and a surety bond of $25,000.
For those licensees who use agents, the requirements are considerably higher. In addition to the financial and bonding requirements, applicants must demonstrate that they have experience in this type of business, and that they do not have a criminal history or a history of noncompliance with regulatory requirements.