The Maine Money Transmitter License guide (Faisal Khan LLC, July 2026) covers Title 32, chapter 79-A, effective 9 August 2024 and administered by the Maine Bureau of Consumer Credit Protection. Maine is one of only three states — with Minnesota and North Dakota — to adopt the Money Transmission Modernization Act's optional virtual currency article, which is what makes its crypto treatment legible where other states' guidance is guesswork.
The guide's harshest finding is the renewal cliff: a license lapses after 31 December, reinstatement is possible only between 1 January and the end of February with a $100 late fee, and from 1 March the Bureau will not process it at all — the operator must file as a brand-new applicant. Fees are among the lowest in the country at $500 application and $500 renewal, and the bond is a flat $100,000 with no scaling, but tangible net worth follows the standard MTMA formula: a $500 million-asset operator needs $11,000,000.
What the guide covers:
- Subchapter 13 (§§ 6100-OO–6100-UU), which deems a virtual-currency business to be money transmission under one license rather than a separate crypto regime, turning on the concept of "control"
- The § 6100-PP exemption list, including a $5,000 annual de minimis and carve-outs for connectivity-software and data-storage providers
- Why § 6100-UU is a duty on licensees sending funds to unhosted wallets, not a licensing trigger for unhosted wallet providers themselves
- The January 2026 Bitcoin Depot consent agreement requiring $1.9 million in refunds to Maine consumers under the state's separate kiosk chapter
- Reporting deadlines: report of condition and delegate report within 45 days, audited financials within 90 days, and same-business-day notice rules under § 6100-C
- The three exemptions Maine does not grant, including registered investment advisers and authorized delegates