Regulatory Alerts2023-01-19
Third-Party Service Provider MSB Licensing Exemption 04-19-2021
The New Mexico Financial Institutions Division issued a ruling exempting third-party service providers from licensing under the state's Uniform Money Services Act. The Acting Director determined that while these entities technically engage in money services, federal regulations exclude them from the definition of money transmitter when acting as payment processors. This exemption aligns state requirements with federal law to avoid unnecessary regulatory burden on entities facilitating payments for goods or services.
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