Money Transmitter License

Guidance Regarding Agents of Payees

Superintendent Linda Conti has determined that a true “agent of the payee” is not performing money transmission under Maine’s current statute and therefore, a person appointed solely as an agent of a payee or payees to collect and process payments from payors to the payee for goods or services, other than money transmission itself provided to the payor by the payee, is exempt from licensing under 32 M.R.S. Chapter 80, subchapter 1 provided that:

1. There exists a written agreement between the payee and the agent directing the agent to collect and process payments from payors on the payee's behalf;
2. The payee holds the agent out to the public as accepting payments for goods or services on the payee's behalf; and
3. payment for the goods and services is treated as received by the payee upon receipt by the agent so that the payor's obligation is extinguished and there is no risk of loss to the payor if the agent fails to remit the funds to the payee.

This guidance applies only to the necessity of licensing as a money transmitter in Maine and offers no opinion or protection as to licensing or other requirements in Maine for a business model not within the regulatory authority of the Bureau of Consumer Credit Protection.

This guidance shall have no future validity in the event of statutory or regulatory enactments which change Maine’s current money transmitter licensing requirements.