MSB License Regulation in Maryland

Regulator of MSB license in Maryland

Office of the Commissioner of Financial Regulation

Cost Involved

To obtain a Money Transmitter License (MTL) in Maryland, you must meet the following requirements:

• Maintain a minimum tangible net worth of $150,000.
• Submit a surety bond of $150,000.

Alternatively, you can opt to pay a premium of $3,750 in lieu of the surety bond.

Process of application

• Begin by registering your business with the Financial Crimes Enforcement Network (FinCEN).
• Create an account with the Nationwide Multistate Licensing System & Registry (NMLS).
• Gather all the necessary documents required for your license application.
• Pay the required fee for your license application.
• Stay informed and updated on the laws and regulations relevant to your industry to ensure compliance.

You have the option to either initiate the application process independently or enlist the services of a professional consultancy firm like ours to assist you. Regardless of your choice, it’s crucial to ensure that you meet all requirements and have all necessary documents prepared to facilitate a successful application process.