Does anyone know where I can find the Colorado Law or statute that says wether or not an MSB has to have a license or not. Any help would be greatly appreciated.

Only Money Order/Transmitters need to be registered with the State.

12-52-104. License required. A person shall not engage in the business of selling or issuing exchange or in the business of money transmission without first procuring a license from the banking board; except that no license under this article shall be required of any agent, subagent, or representative of a licensee or employee of such agent, subagent, or representative who acts on behalf of such licensee in the sale of exchange issued by the licensee.
12-53-103 DEFINITIONS:"Money transmission" means the sale or issuance of exchange or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means including but not limited to payment instrument, wire, facsimile, or electronic transfer.

Thanks for all the help