Maryland Money Transmitter License Overview
Who Controls the Maryland Money Transmitter License?
The Office of the Commissioner of Financial Regulation issues a Money Transmitter License to any entity engaging in the business of money transmission, unless the person is an authorized delegate who is authorized by a licensee to engage in the business of money transmission under the name of a licensee at any location other than the place of business specified in the license.
Activities Authorized by the Maryland Money Transmitter License
The Maryland license authorizes the following activities:
- Bill paying
- Bi-weekly payment processing services
- Electronic money transmitting
- Issuing and/or selling drafts
- Issuing money orders
- Issuing prepaid access/stored value
- Issuing traveler’s checks
- Non-Depository ATM operation
- Selling money orders
- Selling prepaid access/stored value
- Selling traveler’s checks
- Transporting currency
- Virtual currency exchanging and trading services
Maryland Money Transmitter License Net Worth and Surety Bond
To acquire a Money Transmitter License in Maryland, you need a minimum tangible net worth of $150,000. You shall also be required to submit a surety bond of $150,000 or a premium in the amount of $3,750.
Maryland Money Transmitter License Cost
The PDF below summarizes the costs associated with acquiring a Money Transmitter License in the state of Maryland. The process will take approximately three months.
Applying for a Money Transmitter License in Maryland
Applying for a money transmitter license in Maryland includes registering your business with FinCEN, creating an account with NMLS, gathering all required documents, paying the fee, and staying updated on the related laws and regulations pertaining to your industry.
This page was last updated on September 22, 2022.