Licensing Standards

(1) A license to engage in the business of a money transmitter will be issued to an Applicant if the Commissioner, upon review of the application and all other relevant information, determines that all of the requirements of M.G.L. c. 169B, § 4 and 209 CMR 44.04 have been met and that it is in the public interest to permit the Applicant to engage in money transmission. (2) The Commissioner may deny an application to engage in the business of a money transmitter and shall issue a formal notice of the denial of a license application within 30 days of the decision to deny the application. The Commissioner shall set forth in the notice of denial the specific reasons for the denial of the application. (3) An Applicant whose application has been denied under 209 CMR 44.05(2) may appeal the Commissioner's action under M.G.L. c. 30A.