SENATE BILL 377

53rd legislature - STATE OF NEW MEXICO - first session, 2017

INTRODUCED BY

George K. Munoz

AN ACT

RELATING TO FINANCIAL INSTITUTIONS; INCREASING THE THRESHOLD REVENUE REQUIREMENT FOR CHECK CASHING SERVICES LICENSURE UNDER THE UNIFORM MONEY SERVICES ACT.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. Section 58-32-301 NMSA 1978 (being Laws 2016, Chapter 88, Section 301) is amended to read:

     "58-32-301. LICENSE REQUIRED.--

          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 [five hundred dollars ($500)] 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."

     SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2017.

- 2 -