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Maine Money Transmitter License

Maine Money Transmitter License Overview

Who Controls the Maine Money Transmitter License?

The Maine Bureau of Consumer Credit Protection issues a Money Transmitter License to any entity in the business of selling or issuing payment instruments or the business of receiving money for transmission or transmitting money within the United State or to locations abroad by any means, including, but not limited to, payment instrument, wire, facsimile or electronic transfer

Activities Authorized by the Maine Money Transmitter License

The Maine license authorizes the following activities:

  • Electronic Money Transmitting
  • Issuing traveler’s checks
  • Selling traveler’s checks
  • Issuing money orders
  • Selling money orders
  • Bill paying
  • Issuing and/or selling drafts
  • Issuing prepaid access/stored value
  • Selling prepaid access/stored value

Maine Money Transmitter License Net Worth and Surety Bond

To acquire a Money Transmitter License in Maine, you need a minimum tangible net worth of $100,000. You shall also be required to submit a surety bond of $100,000 or a premium in the amount of $2,500.

Maine Money Transmitter License Cost

The PDF below summarizes the costs associated with acquiring a Money Transmitter License in the state of Maine. The process will take approximately three months.

This page was last updated on September 22, 2022.