Money Transmitters - Financial Regulation
Last reviewed or updated: July 1, 2023
A Money Transmitter is a business that sells or issues payment instruments or prepaid access, or receives currency, funds, or other value that substitutes for currency and transfers currency, funds, or other value that substitutes for currency to another person or a location within or outside the United States by any means, including electronically, through the Internet, through a mobile application, through a network of persons, or through an informal value transfer system. A Money Transmitter also includes providing bill payer services or accelerated mortgage payment services.
This license is required for the principal executive office of any person (defined in Md. Code Ann., Fin. Inst. §1-101) engaging in the business of money transmission, unless the person is an authorized delegate who is authorized by a licensee to engage in the business of money transmission under the name of a licensee at any location other than the place of business specified in the license. Refer to Md. Code Ann., Fin. Inst. §12-401 et seq. for legal requirements. For more detailed information on this license type please proceed to the NMLS Resource Center.
License Requirements and Fees
Effective July 1, 2023, individual licenses for locations other than the principal executive office and for self-service financial kiosks are not required and will not be issued. Maryland business may be conducted at these locations under the license issued for the principal executive office if they are disclosed to the Commissioner. To disclose these locations, the form below, or a list in substantially similar form, should be prepared and uploaded to NMLS in accordance with the instructions on the form. A new form must be uploaded whenever an additional location is opened, closed, or moved, or if there is a change in a trade name used at an additional location.
Multistate Money Services Businesses Licensing Agreement Program
The Office of Financial Regulation (OFR) participates in the Multistate Money Services Businesses Licensing Agreement Program (MMLA), which creates a more efficient money service business licensing process among state regulators. If your company is seeking money transmitter licensure in more than five (5) states, participation in the MMLA may be right for you. See the Multistate MSB Licensing Agreement Program Webpage of the NMLS Resource Center for more information.
Laws, Rules, and Regulations
Applicants and licensees are expected to be knowledgeable about and in compliance with the Maryland Money Transmission Act, and any other applicable State or Federal statutes, rules, and regulations. Maryland laws, rules, and regulations can be found by accessing the Annotated Code of Maryland and Rules and Code of Maryland Regulations (COMAR). Certain relevant Maryland laws, rules, and/or regulations include (Note: this is not a comprehensive list):
- Maryland Code, Financial Institutions Article, Title 12, Subtitle 4 (Maryland Money Transmission Act)
- COMAR 09.03.02.08 (Remote Work for Employees of Licensees)
- COMAR 09.03.14 (Money Transmitters)