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Can I obtain a money transmitter license in Maine? What are the requirements?

To obtain a money transmitter license in Maine, you must comply with the provisions of the Money Transmitters Act [1.8]. Here are the requirements:

Money Transmitter License Requirements in Maine

  1. License required: On or after January 1, 1998, a person, except one exempt pursuant to section 6104, may not engage in the business of money transmission without a license as provided in this subchapter [1.2].
  2. Net worth requirements: A licensee must have a net worth of not less than $100,000, calculated in accordance with generally accepted accounting principles. Licensees engaging in money transmission at more than one location or through authorized delegates must have an additional net worth of $50,000 per location or agent located in the State, up to a maximum of $500,000 [1.1].
  3. License application: An application for a license under this subchapter must be in writing, under oath and in a form prescribed by the administrator. The application must include the exact name of the applicant, the applicant's principal address, any fictitious or trade name used by the applicant in the conduct of its business and the location of the applicant's business records. Additionally, the application must include a description of the activities conducted by the applicant and a history of operations, a description of the business activities in which the applicant seeks to be engaged in the State, a list identifying the applicant's proposed authorized delegates in the State, if any, at the time of the filing of the license application, and a sample authorized delegate contract, if applicable. The application must also include a sample form of payment instrument, if applicable, the locations at which the applicant and its authorized delegates, if any, propose to conduct the licensed activities in the State, and the name and address of the clearing bank or banks on which the applicant's payment instruments will be drawn or through which the payment instruments will be payable. Corporate applicants must provide additional information, including the date of the applicant's incorporation and state of incorporation, a certificate of good standing from the state in which the applicant was incorporated, a description of the corporate structure of the applicant, including the identity of any parent or subsidiary of the applicant, and whether any parent or subsidiary is publicly traded on any stock exchange, and the name, business and residence addresses, and employment history for the past 5 years of the applicant's executive officers and the officers or managers who will be in charge of the applicant's activities to be licensed. Noncorporate applicants must provide the name, business and residence addresses, personal financial statement and employment history for the past 5 years of each principal of the applicant and the name, business and residence addresses and employment history for the past 5 years of any other person or persons who will be in charge of the applicant's activities to be licensed [1.3].
  4. Establishment of cash-dispensing machines: A person may not establish or operate a cash-dispensing machine unless that person has first complied with the provisions of the Money Transmitters Act. A cash-dispensing machine may not accept deposits or loan payments or effectuate account transfers other than those transfers between the customer's accounts in the same financial institution. The machine must be operated in such a way as to comply with the Electronic Funds Transfer Act, 15 United States Code, Section 1693 et seq. or regulations adopted under that Act [1.6].
  5. Multiple licenses: A person licensed under this subchapter is not required to obtain a separate license to engage in either the cashing of checks or the exchange of foreign currency in the State [1.4].
  6. Proof of residency: An applicant for a license or permit under this Part is responsible for submitting proof of residency to the agent or the department, or both. A resident license issued to a person unable to meet the residency requirements at the time the license was issued is invalid and must be returned to the commissioner upon request. A resident license is valid as long as the license holder continues to satisfy the residency requirements set out in section 10001, subsection 53 and the license is not revoked, suspended or otherwise invalid under this Part [2.1].
  7. Registration required: On or after January 1, 1998, a person except one exempt pursuant to section 6132, subsection 5 or 6, may not engage in the business of check cashing or foreign currency exchange without registering as provided in this subchapter [1.5].
  8. Extraordinary reporting requirements: Within 15 days of the occurrence of any one of the events listed below, a licensee shall file a written report with the administrator describing the event and its expected impact on the licensee's activities in the State: A. The filing for bankruptcy or reorganization by the licensee; B. The institution of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensee's money transmission activities; C. A felony indictment of the licensee or any of its executive officers or directors related to money transmission activities; or D. A felony conviction of the licensee or any of its executive officers or directors related to money transmission activities [1.7].

Therefore, to obtain a money transmitter license in Maine, you must meet the license requirements, net worth requirements, submit a license application with the required information, and comply with the provisions of the Money Transmitters Act.