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Delaware Money Transmitter Bond

Bond Requirements and Online Application

To obtain a money transmitter license, 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.

money transmitter bond

 

Money Transmitter Bond

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

The bond guarantees the money transmitter will conduct business in compliance with the Delaware Sales of Checks Act (Delaware Code Title 5 Chapter 23).

  • Required by: Office of the Delaware Bank Commissioner
  • Minimum bond amount: $25,000
  • Maximum bond amount: Varies
  • Valid: 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.)

  • A $175.50 investigation fee  and $230 initial license fee are required.
  • A mandatory investigation will be placed upon the applicant as a part of the licensing process.
  • The license is valid for 1 year and comes with a $230 annual renewing fee which the Office of the Delaware Bank Commissioner requires.
  • In order to be eligible to apply for a license, Delaware requires the applicant have a net worth of at least $100,000.

The state of Delaware requires all licensing fees, not the surety company.

The license application must include the name, business address, and residential address for the following:

  1. The proprietor if the applicant is an individual
  2. The corporation of each officer and director
  3. Each member if it is a partnership or unincorporated association

Acts of malpractice will result in revocation or suspension of a license.

Malpractice includes all of the following:

  1. Dishonesty during application for a license
  2. Violation of any provisions of Delaware Sale of Checks Act or any other regulations enforced by the Commissioner, or any other law of Delaware
  3. Misleading customers in any business actions such as during transactions or creating false expectations for clients

The license application can be filled out using an electronic system referred to as  NMLS. Although, for businesses that are not conducting multi-state businesses or do not want to use the electronic application system can also have access to other application forms.

Money transmitters in Delaware must also register as a money services business (MSB) with the Federal Crimes Enforcement Network (FinCEN). The registration process must be completed by the Bank Secretary Act (BSA) e-filing system.

To view more information on the requirements, visit Delaware.gov.

 

How to Get Your Delaware Money Transmitter Bond

1. Complete an online application. It's free and no-obligation. 2. One of our surety experts will contact you with a firm quote and an agreement to sign. 3. Provide payment and your signed agreement, and then you will receive your Delaware Money Transmitter Bond!   If you have any questions, please call us at 877-654-2327.
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