MA Issues Detailed Transition Guidance for Money Transmitter License

Starting November 1, 2025, the Massachusetts Division of Banks will require companies holding a Check Seller License and/or Foreign Transmittal Agency License to submit a license transition request related to the new Money Transmitter License via NMLS. As previously mentioned, license transition approval will not be processed until January 1, 2026.

During the week of September 15, licensees should receive a transition number via email sent to the Primary Company Contact on their NMLS record. Companies with existing NMLS records will not need to re-enter company information but must select the Massachusetts license, identify business activities, and complete state-specific fields. Amendments or surrenders must also be processed in NMLS, and the Division encourages licensees to make record updates by November 1, 2025, to avoid pending changes at transition.

FS Vector continuously monitors regulatory developments to keep clients informed of licensing updates across all states. For more information on how we can assist with this transition or any other upcoming licensing requirements, contact us.

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