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

To obtain a money transmitter license in Massachusetts, you must meet the financial responsibility requirements, submit financial statements, demonstrate good character and fitness, demonstrate public need, and possess the necessary educational and business experience [3.1]. Additionally, if you hold a current license issued by examination in another state, you may apply for the equivalent license in Massachusetts provided you held your license for a period of not less than one year and have been actively engaged in licensed work. The applicant’s education and work experience required by the jurisdiction of originating license must be documented and equivalent to the education and experience requirements provided in 237 CMR 13.00 [2.1]. If you are applying for a Class A or Class C Corporation Certificate, you must be a holder of a Massachusetts Class A or Class C license and provide the Board with a completed application form, a list of all officers of the corporation, a copy of its Articles of Organization, a copy of the bylaws or agreement naming the Qualifying Officer and his or her responsibilities, the name of the individual holding the Class A or Class C license who will serve as the Qualifying Officer, and a letter from the Qualifying Officer requesting that the Board grant the corporation a certificate based on the examination previously passed by him or her [2.2]. If you plan to conduct your licensed check casher business from a mobile unit, you must provide additional information, including the Massachusetts motor vehicle registration number or other satisfactory identification of the mobile unit, a description of the area in which you seek to utilize the mobile unit, information demonstrating the adequacy of the vehicle for the transaction of cashing a check, draft, or money order, and other information which the Commissioner may require [3.2]. If you have received your qualifying education either in another state or in another country, you shall, at the time of application, petition the Board for review and approval of those classroom instruction clock hours. Such petition shall be accompanied by a certificate of completion for each learning objective successfully completed documenting the clock hours, a letter of accreditation from the institution, recognized by a Department of Education or the equivalent, providing such instruction, and documentation describing whether such instruction was based on the National Electrical Code, the International Electrical Code, a County regulation or regulations or codes promulgated by some other regulatory body and the code year [2.3].