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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Check Casher License This license is required for any company or person engaging in the business of check cashing or advertising, soliciting or holding itself out as providing check cashing for which the person receives at least two thousand five hundred dollars ($2,500) within a thirty-day period. Check cashing means receiving compensation for taking payment instruments or stored value, other than traveler’s checks, in exchange for money, payment instruments or stored value delivered to the person delivering the payment instrument or stored value at the time and place of delivery without an agreement specifying when the person taking the payment instrument will present it for collection. Statutory References: Uniform Money Services Act § 58-32-301 (A)(1) through (4) NMSA 1978 and §58-32-102 (D) NMSA 1978
Currency Exchange License This license is required for any company or person engaging in the business of currency exchange or advertising, soliciting or holding itself out as providing currency exchange for which the person receives revenues equal or greater than five percent of the total revenues. Currency exchange means receipt of revenues from the exchange of money of one government for money of another government. Statutory References: Uniform Money Services Act § 58-32-401 (A)(1) through (4) NMSA 1978 and §58-32-102 (F) NMSA 1978
Money Transmission License This license is required for any company or person engaging in the business of money transmission or advertising, soliciting or holding itself out as providing money transmission. Money transmission means selling or issuing payment instruments, stored value or receiving money or monetary value for transmission. “Money transmission: does not include the provision solely of delivery, online or telecommunications services or network access. Statutory References: Uniform Money Services Act § 58-32-201 (A)(1-2) NMSA 1978 and §58-32-102 (Q) NMSA 1978
Mortgage Loan Company License This License is required of any company or sole proprietorship, who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly accepts or offers to accept an application, negotiates or offers to negotiate the terms of a mortgage loan or solicits, processes, originates, brokers or makes mortgage loans for others. (More Details)
Branch Licenses Description Requirements Checklist
Mortgage Loan Company Branch License This License is required for all offices, other than the main office identified on the Mortgage Loan Company License, whether located in New Mexico or not, which conducts the business of or holds itself out by any means to the public as a mortgage loan company making mortgage loans in New Mexico. (More Details)
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License This License is required of any natural person who: (a) for compensation or gain, or in the expectation of compensation or gain, directly or indirectly takes a residential mortgage loan application or negotiates or offers to negotiate the terms of a residential mortgage loan; and (b) is employed or associated with not more than one mortgage loan company licensee regulated by the Division. (More Details)
 

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