In this paper we present the design and measured performance of a novel cryogenic motor based on a superconducting magnetic bearing (SMB). The motor is tailored for use in millimeter-wave half-wave plate (HWP) polarimeters, where a HWP is rapidly rotated in front of a polarization analyzer or polarization-sensitive detector. This polarimetry technique is commonly used in cosmic microwave background (CMB) polarization studies. The SMB we use is composed of fourteen yttrium barium copper oxide (YBCO) disks and a contiguous neodymium iron boron (NdFeB) ring magnet. The motor is a hollow-shaft motor because the HWP is ultimately installed in the rotor. The motor presented here has a 100 mm diameter rotor aperture. However, the design can be scaled up to rotor aperture diameters of approximately 500 mm. Our motor system is composed of four primary subsystems: (i) the rotor assembly, which includes the NdFeB ring magnet, (ii) the stator assembly, which includes the YBCO disks, (iii) an incremental encoder, and (iv) the drive electronics. While the YBCO is cooling through its superconducting transition, the rotor is held above the stator by a novel hold and release mechanism (HRM). The encoder subsystem consists of a custom-built encoder disk read out by two fiber optic readout sensors. For the demonstration described in this paper, we ran the motor at 50 K and tested rotation frequencies up to approximately 10 Hz. The feedback system was able to stabilize the the rotation speed to approximately 0.4%, and the measured rotor orientation angle uncertainty is less than 0.15 deg. Lower temperature operation will require additional development activities, which we will discuss.