Arizona Money Transmitter Bond

To obtain a money transmitter license, every licensee must provide a Arizona Money Transmitter Bond. In some states, this license may be called money remitter, money services business, check casher, or sales of check license. Regardless of what the license is called, Surety1 can help you obtain your required surety bond

See our “What is a Surety Bond” Video.
See our “How does the Surety Bond Process Work” Video

Why Do I Need This Bond?

A surety bond is made to protect the public. In basic terms, it guarantees your business will adhere to all laws and requirements in your industry. In the event your business conducts unlawful acts, a consumer of your services may file a claim on the bond. A bond is not insurance and does not provide the licensee with protection. The bond is in place as a means of pre-qualification by the obligee (party requiring the bond).

Nearly any company that offers payment services in Arizona requires a Arizona Money Transmitter Bond. Due to a history of fraudulence and inaccurate money transmissions, state agencies now require this bond to protect consumers. While this bond does not protect the business owner, it offers proof that your business handles clients’ money responsibly.

How Much Will the Bond Cost?

The cost of the bond, the “premium,” depends largely on the bond amount and the applicant’s financial status. The state requiring the bond determines the amount. Surety1 represents over 15 surety bond markets and will shop your application to provide a competitive rate with a minimum of underwriting requirements.

Money Transmitter Bond

In order to get your money transmitter’s business license, you’ll need a bond.

• Required by: Arizona Department of Financial Institutions
• Minimum bond amount: $25,000
• Active: 1 year, renewable

The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.

Money Transmitter License

These are additional details about the licensing process that you should be aware of. (Only the bond is handled at Surety1, but this information will help you get your license.)

Requirements:

1. Arizona Department of Financial Institutions (DFI) application
2. Application fee
3. Money Transmitter application
4. Copy of AZ Certificate of Good Standing (less than 6 months old)
5. Credit Report
6. Ownership organizational chart including holding company with subsidiaries
7. Universal Biographical Statement for individual(s) listed
8. Surety bond
9. Background check for individual(s) listed

Fee: $1,500 non-refundable

All licensing fees are required by the obligee, not the surety company.

How do I apply for an Arizona Money transmitter Bond?

At surety1.com we make it easy to apply for this, and all your surety bond needs. Simply complete our easy to use, online application and usually within one business day, one of our surety bond professionals will contact you with either a firm quote or discuss the underwriting requirements of our markets. It is free to obtain a quote and there is no obligation to purchase the bond.

Surety1.com is a service of AssuredPartners  one of the largest and fastest growing insurance agencies n the nation. Surety1.com is the premier, online provider of surety bonds nationwide since 2003.

Click Here to Visit our State By State Guide to Money Transmitter Bonds