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Financial Services Law Insights and Observations

New Mexico Passes Law Creating Framework for Licensure of Money Transmitters

Money Service / Money Transmitters

Fintech

Recently, the New Mexico Senate Chamber unanimously passed House Bill 250. The legislation creates a licensing framework for persons or businesses engaging in money transmissions, check cashing, and currency exchange, and delegates certain powers and duties to the Director of the Financial Institution’s Division of the Regulation and Licensing Department. The legislation is currently awaiting Governor Susana Martinez’s signature.