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Money Transmitters - Financial Regulation

Last reviewed or updated: July 29, 2021

Money Transmitter is a business that sells or issues payment instruments or stored value devices, or receives money or monetary value, for transmission to a location within or outside the United States by any means, including electronically or through the Internet. Money transmission also includes bill payer services, accelerated mortgage payment services, and any informal money transfer system engaged in as a business for, or network of persons who engage as a business in, facilitating the transfer of money outside the conventional financial institutions system to a location within or outside the United States. 

This license is required for the principal executive office of any person (defined in Md. Code Ann., Fin. Inst. §1-101) 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. Refer to Md. Code Ann., Fin. Inst. §12-401 et seq. for legal requirements. For more detailed information on this license type please proceed to the NMLS Resource Center.

License Requirements and Fees

A separate Branch License is required for each location of any person (defined in Md. Code Ann., Fin. Inst. §1-101) 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. Refer specifically to Md. Code Ann., Fin. Inst. §11-505(b) and generally to Md. Code Ann., Fin. Inst. §12-401 et seq. for legal requirements.

Branch License Requirements and Fees

Multistate Money Services Businesses Licensing Agreement Program

The Office of the Commissioner of Financial Regulation (“OCFR”) participates in the Multistate Money Services Businesses Licensing Agreement Program (MMLA), which creates a more efficient money service business licensing process among state regulators. If your company is seeking money transmitter licensure in more than five (5) states, participation in the MMLA may be right for you. See the Multistate MSB Licensing Agreement Program Webpage of the NMLS Resource Center for more information. 


Additional Information and Documents

  • Print a Copy of Your License
  • Money Transmitter Annual Report Template (Excel) – DUE ANNUALLY ON OR BEFORE 120 DAYS AFTER THE CLOSE OF THE FISCAL YEAR OF THE LICENSEE; this report is mandated by statute and shall be filed with the Office of the Commissioner of Financial Regulation.
  • Money Transmitter Semi-Annual Report Template (Excel) – DUE SEMIANNUALLY ON OR BEFORE 45 DAYS OF THE END OF EACH CALENDAR SEMIANNUAL PERIOD ENDING JUNE 30 AND DECEMBER 31; this report is mandated by statute and shall be filed with the Office of the Commissioner of Financial Regulation.


Laws, Rules, and Regulations

Applicants and licensees are expected to be knowledgeable about and in compliance with the Maryland Money Transmission Act, and any other applicable State or Federal statutes, rules, and regulations. Maryland laws, rules, and regulations can be found by accessing the Annotated Code of Maryland and Rules and Code of Maryland Regulations (COMAR).  Certain relevant Maryland laws, rules, and/or regulations include (Note: this is not a comprehensive list):