Money transmitters are those engaged in the business, at least partly, of facilitating the transfer of monies between persons and businesses.
Also, in New Mexico, a check casher is defined as one who transfers at least $2,500 within any 30 day period.
New Mexico money transmitters are regulated by the New Mexico Regulations and Licensing Department.
Money transmitters also engage in the following business practices:
* New Mexico money transmitters issue, sell, and cash travelers checks and money orders;
* They offer bill paying. For example, they offer acceptance of payments for utility bills;
* They deal with currency exchange;
* They cash payroll checks (done for a fee of the value of the check);
New licensees will want to familiarize themselves with the rules and regulations for money transmitters as determined by the New Mexico state legislature.
New Mexico money transmitters renew their respective licenses on an annual basis.
The New Mexico money transmitter bond, purchased through AmeriPro Surety Bonds, will also renew annually to run concurrent with your license.
Renewal of the New Mexico money transmitter license involves all of the following:
* Payment of a $1000 annual renewal fee;
* Providing current financial statements;
* Providing an updated New Mexico transmitter bond
The Regulations and Licensing Department requires New Mexico money transmitters to file a surety bond with NMLS in the following amount:
$300,000 minimum New Mexico money transmitter bond
1% of the annual transaction volume in New Mexico,
whichever amount is GREATER.
The state of New Mexico provides a calculator for determining the surety bond amount required for the New Mexico money transmitter bond.
While the surety bond amount will have a floor of $300,000 at the very least, the amount paid for the surety bond will be contingent on the following two criteria, for the most part:
The dollar amount of the surety bond required;
The applicant’s credit score.
“For the most part...”: By this we mean, that also taken into consideration is the applicant’s history in the money transmitter business.
AmeriPro Surety Bonds is a surety bond only agency providing license and permit, contractor, and fiduciary surety bonds throughout all of New Mexico.
We will work with and for you to provide you with the best pricing for your New Mexico money transmitter bond.