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

Yes, you can obtain a money transmitter license in New Mexico. The requirements for obtaining a license are outlined in Article 2 [58-32-201 through 58-32-206 NMSA 1978] of the Uniform Money Services Act. To apply for a license, you must submit an application in a record signed under penalty of perjury that shall be in a form and in a medium required by the director. The application shall include information such as the legal name and residential and business addresses of the applicant, a list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the ten-year period next preceding the submission of the application, a description of any money services previously provided by the applicant and the money services that the applicant seeks to provide in New Mexico, a list of the applicant's proposed authorized delegates and the locations in New Mexico where the applicant and its authorized delegates propose to engage in money transmission or provide other money services, and any other information the director reasonably requires with respect to the applicant [1.4].

Additionally, a nonrefundable application fee of two thousand dollars ($2,000) and a nonrefundable license fee of two thousand dollars ($2,000) shall accompany an application for a license pursuant to Article 2 of the Uniform Money Services Act. The application shall also be accompanied by the surety bond or other security required by Section 203 [58-32-203 NMSA 1978] of the Uniform Money Services Act [1.4].

The director shall investigate the applicant's financial condition and responsibility, financial and business experience, character and general fitness. The director may conduct an onsite investigation of the applicant, in New Mexico or in any other state or country, the reasonable cost of which the applicant shall pay. The director shall issue a license to an applicant pursuant to Article 2 of the Uniform Money Services Act if the director finds that all of the following conditions have been fulfilled: (1) the applicant has complied with Sections 202, 203 and 206 [58-32-202, 58-32-203, 58-32-206 NMSA 1978] of the Uniform Money Services Act; and (2) the financial condition and responsibility, financial and business experience, competence, character and general fitness of the applicant and the competence, experience, character and general fitness of the executive officers, managers, directors and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission [1.2].

When an application for an original license pursuant to Article 2 of the Uniform Money Services Act is complete, the director shall promptly notify the applicant in a record of the date on which the application was determined to be complete and: (1) the director shall approve or deny the application within one hundred twenty days after that date; or (2) if the application is not approved or denied within one hundred twenty days after that date: (a) the application is deemed approved; and (b) the license takes effect as of the first business day after expiration of the one-hundred-twenty-day period [1.2].