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Massachusetts – Check Casher License

Introduction

To offer check cashing services in Massachusetts, your business must obtain a Check Casher License from the Massachusetts Division of Banks. This license ensures that your operations are legal, transparent, and protective of consumers. Whether you're starting a dedicated check cashing store or adding it to your retail business, proper licensing is required before you begin.

 

Licensing Requirements

Massachusetts has one of the more detailed licensing processes. To qualify, you must:

  • Apply through the NMLS.

  • Submit fingerprints and background checks for all control persons.

  • Provide a detailed business plan and financial history.

  • Submit proof of a physical business location (including a lease or deed).

  • Submit policies and procedures that meet the state’s regulatory expectations.

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Regulations and Compliance

Massachusetts check cashers are subject to strict rules:

  • You must post your check cashing fees clearly at your location.

  • Fees are capped at 3% of the check’s face value or $5, whichever is greater.

  • Customer identity must be verified with a valid ID.

  • Transactions must be properly recorded and receipts issued.

  • The business must maintain adequate security systems.

The Division of Banks performs regular examinations to ensure compliance.

 

Processing Time

Licensing generally takes 6 to 10 weeks, depending on the complexity of your business and the completeness of your submission.

 

How We Can Help

We take the guesswork out of licensing. Our team will:

  • Handle the full Massachusetts license application process.

  • Draft a custom compliance program tailored to Massachusetts laws.

  • Assist with any questions from the Division of Banks during the review process.

We’re here to make licensing fast, accurate, and stress-free.

 

FAQs

Q: How do I renew my Massachusetts check casher license?
A: Licenses are renewed annually through the NMLS. Our firm can help you stay ahead of renewal deadlines.

 

Q: What kind of compliance documents do I need?
A: The state requires written policies and procedures covering risk, security, training, and customer identification. We can draft these for you.

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