Check Cashing Services - Financial Regulation
Last reviewed or updated: October 1, 2021
A Check Cashing Service is a business that accepts or cashes, for compensation, a payment instrument (check or a draft ordering a person to pay money) regardless of the date of the payment instrument. A License is generally required for the principal executive office of any person (defined in Md. Code Ann., Fin. Inst. §1-101) engaging in check cashing services, when check cashing services are provided at the principal executive office. Refer to Md. Code Ann., Fin. Inst. §12-101 et seq. for legal requirements. For more detailed information on this license type please proceed to the NMLS Resource Center.
License Requirements and Fees
A separate Branch License is required for each branch location or mobile unit from which a person (defined in Md. Code Ann., Fin. Inst. §1-101) provides check cashing services. Refer specifically to Md. Code Ann., Fin. Inst. §12-105(b), and generally to Md. Code Ann., Fin. Inst. §12-101 et seq.
Branch License Requirements and Fees
If check cashing services are provided at licensed branch locations, but are not provided at the principal executive office, a license is not required for the principal executive office; however, a “Check Cashing Services License – Principal Executive Office Designation (No Activity)” is required before any branches may be licensed.
Principal Executive Office Designation Requirements and Fees
A business may obtain a Registration in lieu of a license, if the business provides check cashing services that are incidental to the retail sale of goods or services, and the business meets certain statutory standards. Refer specifically to Md. Code Ann., Fin. Inst. §12-105.1, and generally to Md. Code Ann., Fin. Inst. §12-101 et seq.
Registration Requirements and Fees
Industry Alerts and Advisories
Laws, Rules, and Regulations
Applicants and licensees are expected to be knowledgeable about and in compliance with the Check Cashing Services Law, and any other applicable State or Federal statutes, rules, and regulations. Maryland laws, rules, and regulations can be found by accessing the Annotated Code of Maryland and Rules and Code of Maryland Regulations (COMAR). Certain relevant Maryland laws, rules, and/or regulations include (Note: this is not a comprehensive list):
- Maryland Code, Financial Institutions Article, Title 12, Subtitle 1 (Check Cashing Services Law)
- COMAR 09.03.02.08 (Remote Work for Employees of Licensees)