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Money Transmitters - Financial Regulation

Last reviewed/updated: August 22, 2025

A money transmitter is a business that:

  • Sells or issues payment instruments or prepaid access; or
  • Receives money or other value and transfers it to another person or place, inside or outside the United States.

These transfers can be made in many ways, including electronically, over the Internet, by mobile app, through a network of agents, or by informal value transfer systems.

The definition of a money transmitter also includes businesses that provide bill payment services or accelerated mortgage payment services.

This license is required for the principal executive office of any person (defined in Md. Code Ann., Fin. Inst. § 1-101) engaging in the business of money transmission, unless the person is an authorized delegate who is authorized by a licensee to engage in the business of money transmission under the name of a licensee at any location other than the place of business specified in the license. Refer to Md. Code Ann., Fin. Inst. § 12-401 et seq. for legal requirements. For more detailed information on this license type please proceed to the NMLS Resource Center.

License Requirements and Fees

Effective July 1, 2023, individual licenses for locations other than the principal executive office are not required and will not be issued. Maryland business may be conducted at these locations under the license issued for the principal executive office if these locations are disclosed to the Commissioner. To disclose these locations, prepare the form below, or a list in substantially similar form, and upload it to NMLS in accordance with the instructions on the form. A new form must be uploaded whenever an additional location is opened, closed, or moved, or if there is a change in a trade name used at an additional location.

Multistate Money Services Businesses Licensing Agreement Program

The Office of Financial Regulation (OFR) participates in the Multistate Money Services Businesses Licensing Agreement Program (MMLA), which creates a more efficient money service business licensing process among state regulators. If your company is seeking money transmitter licensure in more than five (5) states, participation in the MMLA may be right for you. See the Multistate MSB Licensing Agreement Program Webpage of the NMLS Resource Center for more information. 

Laws, Rules, and Regulations

Applicants and licensees are expected to be knowledgeable about and in compliance with the Maryland Money Transmission Act, and any other applicable State or Federal statutes, rules, and regulations. Maryland laws, rules, and regulations can be found by accessing the Annotated Code of Maryland and Rules and Code of Maryland Regulations (COMAR). Certain relevant Maryland laws, rules, and/or regulations include (Note: this is not a comprehensive list):