The Connecticut Money Transmission Licensee Surety Bond is required by the Banking Commissioner of the State of Connecticut. Money Transmitter bonds guarantee that a business is licensed and operates by state laws and regulations.
What are the requirements in order to get a Connecticut Money Transmission License?
Money transmission is defined as engaging in the business of issuing or selling payment instruments or stored value, receiving money or monetary value for current or future transmission, or the business of transmitting money or monetary value within and outside of the United States. To engage in this business in the state of Connecticut, the Department of Banking requires the following to be submitted via the online NMLS Registry:
- Payment for the licensing fee and investigation fee amounting to $1,875.00
- Completed application form MU1 which must include pertinent information such as bank account, qualifying individuals, and other trade name
- Reporting Authorized Agents Locations
- Financial statements
- Indicate whether you will be including virtual currency in your business
- Business plan, management chart
- Document samples
- A Connecticut Money Transmission Licensee Surety Bond issued by a surety licensed in Connecticut. For applicants not engaging in the business of transmitting virtual currency, the bond amount must be no less than $300,000. For applicants that are engaging in the business of transmitting virtual currency, the bond amount will be determined by the Commissioner and shall be calculated reasonably to address the current and prospective volatility of the market.
- Note: Surety1 is licensed in all 50 states and represents over a dozen “A” rated markets!
You can find further information regarding this licensing process on the NMLS website.
Where can I get a Connecticut Money Transmission Licensee Surety Bond?
Once you determine your bond amount, all you need to do is fill out our free online application! Within one business day one of our licensed agents will contact you with a no-obligation quote. After any necessary paperwork is signed and the premium payment is remitted, we will upload your bond into the NMLS registry!
Surety1.com is a service of AssuredPartners, one of the largest and fastest growing insurance agencies in the nation. Since 2003, Surety1 is the premier online provider of surety bonds nationwide. Surety1 is licensed in all 50 states and has been writing bonds in Connecticut since 2003. We are also rated A+ by the Better Business Bureau for our quick and reliable service.