As part of the money transmitter statutory framework adjustments made in 2024, Massachusetts will transition existing Foreign Transmittal Agency and Check Seller licensees to a new Money Transmitter license type during the 2025 renewal cycle.

According to the Massachusetts FAQs (last updated May 21, 2025), any licensee in good standing, will be required to submit a license transition request through the Nationwide Multistate Licensing System (NMLS) beginning November 1, 2025. The transition will align license holders under the newly created Money Transmitter License.

Importantly, the NMLS transition checklist will differ from prior renewal requirements, reflecting the updated standards under the Money Transmitter framework. Additional details on the process will be made available in the coming months. For more information, view the Massachusetts FAQ document.