Money Services Businesses

Money Services Businesses

A Money Service Business (MSB) 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 application followed by and annual renewal license applications, along with the appropriate fees to the FID.

 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.

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