The Georgia Sale of Checks or Money Transmission Bond is required by the Georgia Department of Banking and Finance in order to get a license to be a Money Transmitter or Check Seller in this state.
The 2017 Georgia Code Title 7 Chapter 1 Article 4 defines money transmission as engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any means and all means including, but not limited to, an order, wire, facsimile, or electronic transfer.
What are the requirements that need to be met in order to sell checks and be a money transmitter in Georgia?
To apply for a Money Transmission or Check Selling license in Georgia, an application with the following requirements must be submitted on the National Multistate Licensing System website:
- A completed application
- Payment of fees
- A Georgia Sale of Checks or Money Transmission Bond in a minimum amount of $100,000
More information about these requirements can be found on the NMLS website.
What is the purpose of a Georgia Sale of Checks or Money Transmission Bond?
The bond ensures that your company will comply with the provisions of the O.C.G.A. § 7-1-680 through 692, as amended, all regulations duly promulgated thereunder, and all other laws applicable to the conduct of its business, and shall pay any and all money that may become due and owing to the State of Georgia that will include, but not be limited to money owed for fees, fines, or penalties under and by virtue of the provisions of O.C.G.A. § 7-1-680 through 692, as amended, or the Rules of the Department of Banking and Finance.
Essentially, if the licensee fails to operate in accordance with these conditions, a claim can be made on their Georgia Sale of Checks or Money Transmission Bond. If settled, the surety company (the company that issues the bond) will pay out the claim, however the bond principal (the licensee in this case) must repay the surety company for any losses.
Where can I get Georgia Sale of Checks or Money Transmission Bond?
Simply fill out our free online application! On this specific Money Transmitter application, you can select multiple states in the event that you need multiple bonds for different states. Within one business day of your submission, one of our licensed agents will contact you with a no-obligation quote for the price to obtain this bond (the “premium”). If you choose to move forward after receiving your quote, we will have you remit the payment and sign any necessary paperwork. We will then ship you your Georgia Sale of Checks or Money Transmission Bond to you via USPS Priority Mail and provide you a tracking number. We also have overnight shipping options available for a small fee.
Why choose Surety1?
The bonding experts at Surety1 can help you get bonded quickly and reliably. They work with more than a dozen “A” rated surety markets to ensure they get you the lowest quote possible for your bond. Surety1 maintains an A+ rating by the Better Business Bureau and is licensed in all 50 states.