A. A person shall not engage in the business of money transmission or advertise, solicit or hold itself out as providing money transmission unless the person:
(1) is licensed pursuant to Article 2 [58-32-201 to 58-32-206 NMSA 1978] of the Uniform Money Services Act; or
(2) is an authorized delegate of a person licensed pursuant to Article 2 of the Uniform Money Services Act.
B. A license pursuant to Article 2 of the Uniform Money Services Act is not transferable or assignable.
History: Laws 2016, ch. 88, § 201.
Effective dates. — Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
Temporary provisions. — Laws 2016, ch. 88, § 1005 provided that the director of the financial institutions division of the regulation and licensing department shall promulgate such rules as are necessary to transition licensees pursuant to 58-20-1 NMSA 1978 to the licensing provisions of the Uniform Money Services Act.
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