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

Money Transmitter License in Maryland

To obtain a money transmitter license in Maryland, you need to comply with the requirements set forth in the Annotated Code of Maryland, Financial Institutions Article, Title 12 and the regulations of the Maryland Office of the Commissioner of Financial Regulation (MOCFR) [1.2].

Requirements for a Money Transmitter License

To obtain a money transmitter license in Maryland, you must meet the following requirements [1.2]:

  1. Register with the Nationwide Multistate Licensing System and Registry (NMLS).
  2. Submit a completed application through the NMLS.
  3. Pay a non-refundable application fee of $1,500.
  4. Provide a surety bond in the amount of $150,000.
  5. Provide audited financial statements prepared by an independent certified public accountant.
  6. Provide a list of authorized delegates.
  7. Provide a description of the methods used to transmit money.
  8. Provide a description of the procedures used to detect and prevent fraud.
  9. Provide a description of the procedures used to protect the privacy of customers.
  10. Provide a description of the procedures used to ensure compliance with applicable laws and regulations.
  11. Provide any other information required by the MOCFR.

Additional Information

For more information on the requirements for obtaining a money transmitter license in Maryland, you can visit the MOCFR website [1.2].

Please note that this response is based on the information available in the provided documents. If you have any further questions or concerns, we recommend consulting with a legal professional.

Based on the additional context provided, it appears that the requirements for obtaining a Class B-2 Sports Wagering Facility License and a Boat Dealer License are different from those for obtaining a money transmitter license [1.2][2.1][1.3].