Who needs to register?
Under Maryland statute, anyone engaged in the business of money transmission must obtain a license from the Office of the Commissioner of Financial Regulation. “Money transmission” includes those involved in the business of selling or issuing payment instruments or stored value devices, or receiving money or monetary value, for transmission to a location within or outside the United States by any means, including electronically or through the Internet. “Money transmission” also includes bill payer services, accelerated mortgage payment services, and any informal money transfer system engaged in as a business for, or network of persons who engage as a business in, facilitating the transfer of money outside conventional financial institutions to a location within or outside the United States.
Who is the regulator?
Maryland Office of the Commissioner of Financial Regulation
What are the money transmitter license requirements?
To apply as a money transmitter in the state of Nebraska requires the following fees and documentation:
- $1,000 investigation fee, nonrefundable
- $2,000 annual license fee
What are the general bonding requirements?
Bonding requirements for the state of Maryland include a $150,000 surety bond. The Commissioner has discretion to increase the bond up to $1,000,000.
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.