meta_id 3368877

On July 31, 2026, the Massachusetts Division of Banks issued a regulatory notice reminding businesses engaged in money transmission involving Massachusetts residents of their licensing obligations under Massachusetts General Laws (MGL ), in particular, the Money Transmission Law , which became effective January 1, 2026. The notice confirms that the transitional deadline of July 1, 2026 has passed and sets out the consequences for entities that have not yet complied. The Division began accepting money transmitter licence applications through the Nationwide Multistate Licensing System and Registry (NMLS) on July 1, 2025. All entities engaged in licensable money transmission activity were required to submit an application through the NMLS by July 1, 2026, unless they held an existing Foreign Transmittal Agency and/or Check Seller licence as of December 31, 2025, in which case they were required to transition to the new money transmitter licence by filing a transition request through NMLS during the renewal period beginning November 1, 2025. Any person or entity required to hold a money transmitter licence under MGL c. 169B that did not submit an application or file a timely transition request by July 1, 2026 must immediately cease all licensable activity and is prohibited from engaging in money transmission in Massachusetts until the required licence has been granted. Engaging in money transmission without the required licence may result in the imposition of civil penalties. Entities that have not yet filed an application are directed to immediately review their activities, determine whether licensure is required, and take steps to comply.