C.R.S. § 11-110-105

(1) A person shall not engage in the business of money transmission without first procuring a license from the board; except that an agent, subagent, or representative of a licensee or an employee of an agent, subagent, or representative who acts on behalf of a licensee in the transmission of money by the licensee is not required to be licensed under this article 110. (2) The board may investigate any person believed to be engaging in the business of money transmission without a valid license required under this section.