To obtain a money transmitter license in Arkansas, you must post an Arkansas Money Transmitter Bond. Every state requires a surety bond. Depending on your state, this license may be called money remitter, money services business, check casher, or sales of check license.
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.
Nearly any company that offers payment services requires a 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. At Surety 1, we will find you the lowest quote for your bond, starting at only 1.5% of the bond amount.
Arkansas Money Transmitter Bond
In order to get your money transmitter’s business license, you’ll need a bond.
- Required by: Arkansas Securities Department
- Bond amount: $50,000
- Active: 1 year, renewable
- Minimum net worth: $250,000
View the surety bond forms here.
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 Completed in NMLS:
- Company Form (MU1): application for license through NMLS
- Financial Statements
- Authorized agents (delegates) locations
- Other trade name: “Doing Business As” (DBA)
- Resident/Registered agent
- Primary contact employees
- Non-primary contact employees
- Approvals and Designation
- AR License/registration Fee: $750
- AR Application Fee: $1,500
All licensing fees are required by the obligee, not the surety company.
Apply for all states money transmitter bonds with 1 application
Surety1 makes it easy to apply for your Arkansas Money Transmitter Bond. Simple complete our easy to use , online application with only 1 application required for all states. Usually within 1 business day one of our professional surety bond agents with a free, no obligation quote, or request additional information that may be requested by our surety bond markets. Depending on the bond amounts, additional underwriting information may be required. Once y9ur bond(s) are approved, sign some paperwork, make payment (all major credit cards accepted) and your bond will be issued. In some states, the bond is issued electronically through the NMLS, others your bond will be shipped via traceable delivery services.
Surety1.com is a service of AssuredPartners, one of the largest and fastest growing insurance agencies in the nation. Surety1 is the premier online provider of surety bonds nationwide since 2003.