A. A person shall not engage in currency exchange or advertise, solicit or hold itself out as providing currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person:
(1) is licensed pursuant to Article 4 [58-32-401 to 58-32-404 NMSA 1978] of the Uniform Money Services Act;
(2) is licensed for money transmission pursuant to Article 2 [58-32-201 through 58-32-206 NMSA 1978] of the Uniform Money Services Act;
(3) is licensed for check cashing pursuant to Article 3 [58-32-301 to 58-32-304 NMSA 1978] 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 4 of the Uniform Money Services Act is not transferable or assignable.
History: Laws 2016, ch. 88, § 401.
ANNOTATIONSEffective 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.