Money Services Business

Money Service Business is defined as any company or person engaged in one or more of the following business activities.

• Electronic Money Transmitting
• Issuing and/or Selling Traveler's Checks
• Issuing and/or Selling Money Orders
• Bill Paying
• Issuing and/or Selling Drafts
• Transporting Currency
• Issuing and/or Selling Prepaid Access/Stored Value
• Check Cashing
• Foreign Currency Dealing or Exchanging
• Virtual currency exchanging and trading services
• Other- Money Services

Each money service business is required to submit an initial and annual license applications, along with the appropriate fees to the Director of the Financial Institutions Division.

Check Casher License:

This license is required for any company or person engaging in the business of check cashing or advertising, soliciting or holding itself out as providing check cashing for which the person receives at least two thousand five hundred dollars ($2,500) within a thirty-day period. Check cashing means receiving compensation for taking payment instruments or stored value, other than traveler’s checks, in exchange for money, payment instruments or stored value delivered to the person delivering the payment instrument or stored value at the time and place of delivery without an agreement specifying when the person taking the payment instrument will present it for collection.

Statutory References: Uniform Money Services Act § 58-32-301 (A)(1) through (4) NMSA 1978 and §58-32-102 (D) NMSA 1978.

Currency Exchange License:

This license is required for any company or person engaging in the business of currency exchange or advertising, soliciting or holding itself out as providing currency exchange for which the person receives revenues equal or greater than five percent of the total revenues. Currency exchange means receipt of revenues from the exchange of money of one government for money of another government.

Statutory References: Uniform Money Services Act § 58-32-401 (A)(1) through (4) NMSA 1978 and §58-32-102 (F) NMSA 1978.

Money Transmitter License:

This license is required for any company or person engaging in the business of money transmission or advertising, soliciting or holding itself out as providing money transmission. Money transmission means selling or issuing payment instruments, stored value or receiving money or monetary value for transmission. “Money transmission: does not include the provision solely of delivery, online or telecommunications services or network access.

Statutory References: Uniform Money Services Act § 58-32-201 (A)(1-2) NMSA 1978 and §58-32-102 (Q) NMSA 1978.

Notices:

COVID-19 Essential Business Guidance for all Licensed and Regulated Finanical Institutions, Dated March 24, 2020

Upcoming Hearings:

Regulatory Alerts:

Licensing Instructions for the Industry

All original and renewal license applications are submitted through the Nationwide Multi-State Licensing System (NMLS). Please click the link below for NMLS information and instruction for licensing through the NMLS.     

• NMLS Information for the Industry ​

Annual License Renewals

NMLS annual renewal for all money service business licenses runs from November 1 through December 31 of each year. A reinstatement period follows from January 1 through February 28 of the following year. Submit your renewal request early to avoid any interruption in licensure.

• Please note that licensees are not authorized to conduct business after January 1, 2020 if a renewal request was not approved by December 31, 2019.
• All renewal requests received by December 15 will be reviewed by December 31.
• Licensees that fail to submit a renewal request by December 31 must apply for reinstatement by February 28 of the following year and pay all applicable licensing, reinstatement and late fees.
• New license requests approved between November 1 and December 31 are valid through the next renewal period.

2020 NMLS Renewal Checklist

Renewal Requirements:

• Renewal Fee:                                                   $1,000
• Authorized Agent / Delegate Fee                  $25 p/ agent-delegate
• Updated Authorized Agent / Delegate list through the NMLS Uniform Authorized Agent Reporting (UAAR) functionality
• Updated Financial Statements
• Updated licensee records through the NMLS.
• Bond continuation certificate with an effective date, new surety bond, or bond rider.
• A completed Surety Bond Requirement Calculator form.
  • Note: all money transmitter licensees are required to maintain a surety bond of at least $300,000 or 1% of the licensee’s total yearly transaction volume in New Mexico, whichever is greater. To calculate the required bond amount, click here to access the Surety Bond Requirement calculator.

Visit the NMLS Renewal Resources Page for key deadlines, renewal resources, requirements and assistance with preparing for and requesting renewals.

Authorized Delegates (Agents):

Authorized Delegates (Agents) are defined as any person or entity designated by a licensed money transmitter to provide money services on behalf of such licensee. §58-32-102 (B) NMSA 1978. Below is a complete list of all active authorized delegates registered with the Financial Institutions Division. The list is updated on a quarterly basis.

Authorized Delegates List