Massachusetts Money Transmitter License

The Massachusetts money transmitter license moved to an entirely new statute on 1 January 2025, when Governor Healey signed the Act Relative to the Regulation of Money Transmission, creating M.G.L. ch. 169B and repealing the old Foreign Transmittal Agency Act. The Division of Banks began licensing under the new chapter on 1 January 2026 — and the deadline for newly licensable firms to file has already passed.

Newly licensable firms had to file by 1 July 2026. Firms that filed on time may keep operating while their application is pending; firms that did not are now prohibited from money transmission in Massachusetts until a license is granted, with no grace period and no run-off. The guide's other headline point is scope: ch. 169B covers consumer transactions only — if every sender is a business entity, the transaction is not licensable, even when recipients are consumers.

What the guide covers:

• Fees of $1,300 ($1,000 license plus $300 investigation), with each DBA trade name licensed separately
• Bond: greater of $100,000 or 100% of average daily Massachusetts liability, capped at $500,000
• Tangible net worth on the full MTMA sliding scale — a $40M-asset company needs $1.2M
• Why non-compliant financial statements can mean immediate termination, not a deficiency letter
• Crypto coverage confirmed by the Division's FAQ, which names Bitcoin and USDC as covered virtual currencies
• Civil penalties up to $2,000 per day or per transaction under § 10(d)

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