New Mexico Money Transmitter License Overview
What Qualifies as a Money Transmitter?
The official definition of a money transmitter is “a corporation, limited liability company, limited liability partnership, or foreign entity qualified to do business in this state which receives currency, monetary value, or payment instruments for the purpose of transmitting the same by any means, including transmission by wire, facsimile, electronic transfer, courier, the Internet, or through bill payment services or other businesses that facilitate such transfer within this country, or to or from this country.”
Who Regulates Money Transmitter Licenses in New Mexico?
New Mexico money transmitter licensing is regulated by the New Mexico Regulation and Licensing Department. Money transmitters are required to comply with all the requirements of the Uniform Money Services Act.
Who Needs a Money Transmitter License in New Mexico?
Any money services business that fits the definition of a money transmitter given above is mandated to obtain a money transmitter license before they conduct any business in New Mexico.
What Are the Money Transmitter License Requirements for New Mexico?
Similar to other states, the state of New Mexico also requires a long list of documentation, surety bonds, compliance details, and other related paperwork. You can find the complete details of these on the Nationwide Licensing System.
How Much Does a New Mexico Money Transmitter License Cost?
The fee for a New Mexico money transmitter license application is $4,100. However, there will be other costs that you will have to bear while preparing to complete the application.
The most notable of these is the surety bond, the minimum net worth, and the compliance program. For instance, depending on your business model, a complete compliance program can take anywhere from as low as $25,000 to as high as $100,000.
How Much is the Minimum Net Worth for a MTL in New Mexico?
The minimum net worth for the state of New Mexico MTL is $100,000 for 1 to 4 locations and $500,000 for 5 or more locations.
What Surety Bond will be Needed?
The corporate surety bond will be between the amounts of $300,000 or premiums of $7,500.
How Much Time Will It Take To Get an MTL In New Mexico
When done right the New Mexico MTL takes about 3 months to be approved. You need to ensure that your business is registered with FINCEN before embarking on the process. You can only apply for the MTL via NMLS so create an account and read through the requirements. Once you have the documents required, fill in your application and upload the documents such as the Business Plan and Flow of Funds.
This page was last updated on June 2, 2023.