MSB License Regulation in New Mexico

Regulator of MSB license in New Mexico  

New Mexico Regulation and Licensing Department

Documents required for application:

• Applicant Information:

Legal name, residential and business addresses, and any fictitious or trade names used.

List of criminal convictions and material litigation in the past ten years.

Description of past money services provided and services sought to be provided in New Mexico.

List of proposed authorized delegates and their locations.

Information on other states where the applicant is licensed and any disciplinary actions taken.

• Financial and Organizational Documentation:

Audited financial statements for the most recent fiscal year, unconsolidated financial statements for the current fiscal year, and reports filed with regulatory authorities.

Information on corporate structure, including incorporation or formation details, parent or subsidiary relationships, and whether any entity is publicly traded.

Details of executive officers, managers, directors, and persons in control, including their addresses and employment history.

Copies of relevant certifications, such as a certificate of good standing.

• Additional Information:

Proof of trade name registration.

Sample form of contracts for authorized delegates and payment instruments.

Bank information and description of the source of funds.

Any other information required by the director.

Cost Involved

• Application Fee: $2,000 (nonrefundable).
• License Fee: $2,000 (nonrefundable).
• Surety Bond: Amount required by Section 203 of the Uniform Money Services Act.

Process of application

• FINCEN Registration:

Ensure your business is registered with the Financial Crimes Enforcement Network (FINCEN).

• Review Requirements:

Familiarize yourself with the requirements for obtaining a Money Transmitter License (MTL) in New Mexico.

• Prepare Documentation:

Gather all required documents as outlined in the application requirements.

• Complete Application Form:

Fill out the application form accurately and completely.

• Payment of Fees:

Pay the nonrefundable application fee and license fee as specified.

• Surety Bond Submission:

Accompany the application with the required surety bond or other security.

• Submission to Director:

Submit the completed application along with all supporting documents to the director.

• Waivers or Alternate Submissions:

The director may waive certain requirements or permit alternative submissions of information.

• Review Process:

Allow time for the director to review the application and supporting documentation.

• License Issuance:

Upon approval, you will receive your Money Transmitter License, allowing you to operate in New Mexico.