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Money Transmitter Licensing Information

A person who does business of selling or issuing payment instruments or the business of receiving money for transmission or transmitting money within the United State or to locations abroad by any means, including, but not limited to, payment instrument, wire, facismile or electronic transfer must be licensed with the Maine Office of Consumer Credit Regulation.

All applicants must submit an application and application fee of $500.00 plus $50.00 for each delegate up to $2.500, show a net worth of not less than $100,000, and an additional worth of $50,000 for each authorized delegate, up to $500,000, a surety bond, irrevocable letter of credit or other similiar security device in the amount of $100,000 running to the administrator (in lieu of bond, with the approval of the adminstrator, may deposit cash, interest bearing stocks and bonds, notes, debentures, etc.

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