top of page

New Mexico – Check Casher License

Introduction

To legally operate a check cashing business in New Mexico, you must be licensed by the New Mexico Financial Institutions Division (FID). Whether you’re starting a dedicated check cashing storefront or adding check cashing services to an existing retail business, this license is required before you begin operations.

 

Licensing Requirements

To obtain a Check Casher License in New Mexico, you’ll need to:

  • Apply through the NMLS.

  • Submit business and personal background information for all control persons.

  • Provide proof of a physical location in New Mexico.

  • Submit a business plan and financial statements.

  • Pass criminal background and credit checks.

  • Provide sample receipts and a schedule of check cashing fees.

  • Comply with signage requirements to clearly display fees and policies.

​​

Regulations and Compliance

New Mexico requires strict consumer protection and transparency from check cashers:

  • You must post your check cashing fees clearly at the place of business.

  • Receipts must be given for every transaction.

  • Customer identity must be verified.

  • You must follow all state and federal financial reporting laws.

  • Records must be maintained and made available for inspection upon request.

Periodic examinations may be conducted by the FID to ensure compliance.

 

Processing Time

Once your application is submitted, the typical approval time is 4 to 8 weeks, depending on how quickly all required documents are submitted and reviewed.

 

How We Can Help

We help you get licensed in New Mexico quickly and correctly. Our services include:

  • Preparing and submitting your full NMLS application.

  • Organizing all supporting documents.

  • Drafting custom compliance policies tailored to New Mexico law.

  • Advising on required signage, fees, and transaction documentation.

We take the confusion out of the licensing process so you can focus on your business.

 

FAQs

Q: Do I need a license to cash checks if I’m not charging a fee?
A: If you’re not charging a fee, a license may not be required. But if you charge any amount to cash checks, you must be licensed.

 

Q: Can I use the same license for multiple locations?
A: No. Each physical location where check cashing is offered must be individually licensed.

bottom of page