Money Order Principals and Money Order Agents: Overview
Money order principals are businesses licensed to sell, issue and/or register checks or money orders in the state of New Mexico. Money order principals may also apply for agent licensees to sell, issue and/or register checks or money orders on their behalf. The New Mexico Business of Selling Negotiable Checks, Drafts and Money Orders Act is §58-20-1 NMSA 1978.
The money order license is only for the sale of checks or money orders. The license is not a “money transmitter license”. The Financial Institutions Division does not license or regulate “money transmitters.”