Everyone who wishes to obtain a Maine Money Transmitter (MAMTL) License has to consult the Licensing Authority – Department of Professional and Financial Regulation. To apply for a MAMTL, you have to first register with the Nationwide Multistate Licensing System and Registry (NMLS). In NMLS, you will have to complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator.
What are the requirements to apply for a Maine Money Transmitter License?
In order to obtain a Maine Money Transmitter License, the following documents are required:
- Authorized Agents (Delegates) locations
- Resident/ Registered Agent Details
- Bank Account details
- Criminal background check
- Credit check
- Certificate of Authority/ Good standing
- Trust account authorization
- Audited financial statements- most recent
- Most recent unaudited interim financial statements prepared for the licensee dated no more than 120 days from the date of this application.
- List of permissible investments
- Authorized delegate arrangement
- Business Plan
- Business volume containing information on the total dollar amount of the licensee’s outstanding instruments and transmissions in Maine and in the U.S.A. a) as the date of the most recent audited financial statement, and b) as of the date of the interim financial statement
- Document samples
- Management Chart and Organizational Chart showing ownership percentage
- Company Formation documents
- Registration with FinCEN as a Money Services Business
- Surety bonds
Nevertheless, it is important to note that the required documentation can vary from applicant to applicant.
What is the process for obtaining a Maine Money Transmitter License?
After preparing all the documents, the application has to be made to the Department of Professional and Financial Regulation by NMLS. Documents have to be uploaded on the NMLS website and certain documents have to be mailed. Important requirements are 1) Signatures at all required places; 2) Required filing fee, and 3) All enclosures and financial statements as stated in the form. The applications are processed within 120 days.
How much does it cost to obtain a Maine Money Transmitter License?
When applying, it’s important to take into consideration several fees. Application fee cost $500, while the Registration fee is $50 for each authorized delegate designated by a licensee (up to a maximum of $2,500 for authorized delegates). Renewal Fee costs $250 (for every additional delegate an amount of $50 should be paid, while the maximum amount cannot exceed $2500). Legal fees for an annual renewal are up to $3, 250, 00. Legal Fees vary between $8,000 and 12,000 USD.
Net worth should not be less than $100,000 and an additional $50,000 for each authorized delegate, up to a maximum of $500,000. Surety Bond should be $100,000 furnished by a surety company authorized to conduct business in Maine. License is issued for a period of one year and expires on 31 December. It has to be renewed annually before 30 September.
Empire Global has a team of experienced professionals who will assist you through the entire process of Maine Money Transmitter License application including assistance in the preparation of documents, submission of application and responding to any queries. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Maine Money Transmitter License.