Office of the Commissioner of Financial Regulation

 

Money Transmitters

 

If you intend to conduct money transmission services in the State of Maryland, unless an exception applies, you must apply for a Money Transmitter license. The Commissioner of Financial Regulation uses NMLS, a nationwide licensing system, to manage Money Transmitter applicants and licensees. Current licensees and new applicants will only be able to request, amend, renew, and/or surrender licenses by establishing a record on NMLS and using that system.

Nationwide Mortgage Licensing System (NMLS)

  • New Applicants – ALL new license applicants MUST initiate applications through the NMLS. Proceed to NMLS. Please note new license requests must be submitted through NMLS, but supporting documentation must either be uploaded to NMLS or sent to the Maryland Office of the Commissioner of Financial Regulation as instructed on the Money Transmitter New Application checklist.
  • Current Licensees – Each money transmitter holding a Money Transmitter License is required to submit a license transition request through NMLS by filing for its principal executive office a Company Form MU1 and a Form MU2 for each of their control persons by March 4, 2013.
  • Additionally, each branch location of a money transmitter is required to complete and submit through NMLS a Form MU3 by March 4, 2013. Any principal executive office of a money transmitter that does not currently hold a money transmitter license in Maryland is required to apply for a "company" license for the principal executive office by completing and submitting the NMLS Company Form MU1 prior to transitioning any licenses held for other locations. For additional transition information, please review the Money Transmitter Transition Plan: Maryland Office of the Commissioner of Financial Regulation January 2, 2013 – March 4, 2013 (PDF document, download Adobe Acrobat for free).

Also see: Money Transmitter Licensee Company Transition Checklist (PDF document, download Adobe Acrobat for free)

 

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Laws and Rules

Applicants and licensees are expected to be knowledgeable about and in compliance with the Money Transmitter Law and any other applicable state or federal statutes and regulations.

Note: To access the Maryland Code Annotated, from the link below, select the "Maryland Code" folder, then select the individual folders or links provided to delve into the volumes, chapters, and/or sections of the publication.

Note: To access the Maryland Code Annotated, from the link below, select the “Maryland Code” folder, then select the individual folders or links provided to delve into the volumes, chapters, and/or sections of the publication.

Maryland Code Annotated, Financial Institutions § 12-401 et seq. (Maryland Money Transmission Act)
COMAR 09.03.10 Credit and Other Regulations

 
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