PayPal's State Licenses

In 2006, PayPal was investigated by 28 U.S. States for making misleading and outright false claims to customers. PayPal settled the cases with the individual states. Why? Because contrary to popular belief, PayPal is licensed to operate on a state-by-state basis in the United States.

Each state has the power to shut PayPal down in their state -- or force PayPal to make changes in its business practices or face suspension of operations.

As of July 2, 2007, PayPal is licensed to operate in the European Union as a bank -- with a banking license and full banking privileges.


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While PayPal sought -- and received -- banking status in Europe, it resists being called a bank in the United States. Why? If PayPal were licensed as a bank in the United States -- or if the United States Government determined that PayPal was a bank based on the services that they offer -- PayPal would not be able to get away with the improper business practices it engages in today.

An essential tool for anybody with PayPal problems in America is to know that PayPal is licensed to operate in YOUR STATE. Should your state receive enough complaints about PayPal, it could force PayPal into expensive litigation with your state. It could also force PayPal to solve your problem and change its ways or face being shut down in your state.

Since PayPal is a public company (it issues stock), such an action would force PayPal's executives (President, Vice Presidents, Chief Financial Officer, etc) to answer to its stockholders. Their jobs would be in great jeopardy in such a case. Hence, these people would do almost anything to avoid such a situation.

The bottom line is this: complaining to your state's licensing authority will move PayPal to action. For PayPal, it is better to solve your problem than to ignore it and let the complaints pile up. Sooner or later, your state will act. PayPal wants to avoid that.

Following is a list of the U.S. States where PayPal is licensed to operate. Included in this list is the state regulatory agency responsible for keeping PayPal in line and the state statute (law) that applies to Paypal's status as a money transmitter

If your state is NOT on this list, that means PayPal does not have a license to operate in your state or it does not need one.

CLICK on the law that allows PayPal to operate and SEE THEIR LICENSE.


Tip: CLICK on the NAME OF THE STATE LAW for your state to view PayPal's license!


Alabama

Alabama Securities Commission

Sales of Checks Act


Arizona

Arizona State Banking Department

Transmitters of Money Act


California

California Department of Financial Institutions

Transmission of Money Abroad Law


Colorado

Colorado State Banking Commissioner

Money Order Act


Connecticut

Connecticut Department of Banking

Money Order and Travelers Check Licensees Act


Delaware

Delaware Office of the State Bank Commissioner

The Sale of Checks Act


District of Columbia (Washington D.C.)

District of Columbia Department of Regulatory and Consumer Affairs

Money Transmitter Law


Florida

Florida Office of the Controller

Money Transmitters Code


Idaho

Idaho Department of Finance

Money Transmitters Act


Illinois

Illinois Department of Financial Institutions

Transmitters of Money Act


Iowa

Iowa Division of Banking

Money Services Act


Kansas

Kansas Division of Banking

Money Transmitters Act


Kentucky

Office of Financial Institutions

Kentucky Money Transmitters Act of 2006


Louisiana

Louisiana Office of Financial Institutions

Sale of Checks and Money Transmitters Act


Maine

Maine Office of Consumer and Credit Regulation

Money Transmitters Act


Maryland

Maryland State Bank Commissioner

Maryland Money Transmitters Act


Massachusetts

Commonwealth of Massachusetts -- Division of Banks and Loan Agencies

Foreign Transmittal Agency


Minnesota

Minnesota Department of Commerce

Money Transmitters Act


Mississippi

Department of Banking and Consumer Finance

Sale of Checks Act


Nebraska

Nebraska Department of Banking and Finance

Sale of Checks Act


New Hampshire

New Hampshire Banking Department

Money Transmission Act


New Jersey

New Jersey Department of Banking and Insurance

Money Transmitters Act


North Carolina

North Carolina Banking Commission

Money Transmitters Act


Ohio

Ohio Department of Commerce

Transmitters of Money & Check Cashing Business Domestic and Foreign


Oregon

Oregon Department of Insurance and Finance

Money Transmitters Act


Pennsylvania

Pennsylvania Department of Banking

Licensing Business of Transmitting Money or Credit Act


Puerto Rico

Puerto Rico Bureau of Financial Institutions

Laws to Regulate the Business of Money Transfers


Rhode Island

Rhode Island Department of Business Regulation

Sale of Checks and EFT Law


Tennessee

Department of Financial Institutions

Tennessee Money Transmitter Act of 1994


Texas

Texas Department of Banking

Money Services Business Statute


Utah

Utah Department of Financial Institutions

Check Cashing Registration Act


Vermont

Vermont Department of Banking, Insurance, Securities and Health Care Administration

Money Services Act


Virginia

Virginia Bureau of Financial Institutions

Money Order Sales and Money Transmission Services


Washington

Washington Department of Financial Institutions

Uniform Money Services Act


West Virginia

West Virginia Division of Banking

Issuance and Sale of Checks, Drafts and Money Orders Act


Wyoming

Wyoming Department of Audit -- Division of Banking

Wyoming Money Transmitter Act


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