Who needs to register?
Under Maine statute, businesses selling or issuing payment instruments, receiving money for transmission, or transmitting money within the U.S. to locations abroad by any means, including payment instrument, wire, facsimile or electronic transfer, must obtain a money transmitter license.
Who is the regulator?
Maine Department of Professional and Financial Regulation.
What are the money transmitter license requirements?
Registering as a money transmitter in Maine requires the following fees and documentation:
- Net worth of $100,000 +$50,000 for each additional location, not amounting to more than $500,000
- $500 application fee + $50 per agent, not amounting to more than $2500
- Must keep the following records for three years: 1) each payment instrument sold; 2) a monthly ledger; 3) settlement sheets received from authorized delegates; 4) bank statements and reconciliations; 5) records of each payment instrument within the last 3 years; 6) names and addresses of authorized delegates
- Identifying information and federal ID number
- Name and address of clearing banks
- Litigation and criminal convictions for last 5 years
- Description of activities conducted by business and history of operations
- Description of business activities that will occur in Maine
- List of names and business addresses of all authorized delegates
- Sample authorized delegate contract
- Sample payment instrument
- Identifying information of contact people for consumer complaints and compliance
- Date and state of incorporation
- Certificate of good standing from State of Incorporation
- Description of corporate structure
- Name, address of business and residence, 5 years employment history of executive officer and officers/managers in charge of offices licensed, principals, members, and any key shareholders
- Most recent audited financial statement, and if available, statements from previous two years
- Copies of all SEC filings in past year
- Service of process agent
- Date and place of registration or qualification to do business in Maine
What are the general bonding requirements?
Bonding requirements include a $100,000 surety bond, irrevocable letter of credit, or other similar security device.
Disclaimer: Information provided by Shipkevich, PLLC and any of its affiliated web pages is for general educational purposes only, and should not be taken as legal advice.