A. A person shall not engage in check cashing or advertise, solicit or hold 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 unless the person:
(1) is licensed pursuant to Article 3 of the Uniform Money Services Act;
(2) is licensed for money transmission pursuant to Article 2 of the Uniform Money Services Act;
(3) is licensed for currency exchange pursuant to Article 4 of the Uniform Money Services Act; or
(4) is an authorized delegate of a person licensed pursuant to Article 2 of the Uniform Money Services Act.
B. A license pursuant to Article 3 of the Uniform Money Services Act is not transferable or assignable.
History: Laws 2016, ch. 88, § 301; 2017, ch. 104, § 1.
The 2017 amendment, effective July 1, 2017, increased the threshold amount of revenue earned from check cashing services that requires a person to be licensed pursuant to the Uniform Money Services Act; and in Subsection A, deleted "five hundred dollars ($500)" and added "two thousand five hundred dollars ($2,500)".
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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