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Hawaii 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.

  • Required by: Hawaii Department of Commerce and Consumer Affairs- Division of Financial Institutions
  • Minimum bond amount: $1,000
  • Maximum bond amount: $500,000
  • Valid: 1 year-renewable

The Hawaii Department of Commerce and Consumer Affairs should be contacted before application for a surety bond in order to ensure the bond amount is correct.

The bond is required in order to ensure money transmitters will abide by the laws in Chapter 489D of the Hawaii Money Transmitters Act along with other relevant laws in Hawaii.

The bond continues to be in full force until it is cancelled. However, if the surety company or the principle decide to cancel the bond, the obligee must be notified of the cancellation within 30 days.

 

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.)

In order to apply as a general money transmitter, several fees and documents are required. Here is a list of some of the required documents and fees for the license application:

  • Identification information
  • Description of business activities and desired activities within Hawaii
  • Sample of payment instrument
  • Surety bond
  • $1,000 minimum net worth of applicant
  • List of proposed authorized delegates in Hawaii
  • Disclosure of regulatory discipline
  • List of proposed in-state applicant &/or delegate locations
  • $2,000 application fee + $300 for each location required by the state of Hawaii
  • $2,000 annual license fee + $300 for each location required by the state of Hawaii

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

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 Hawaii 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.

See money transmitter licensing forms at Hawaii.gov.

View a checklist for new money transmitter licenses at NMLS.

 

How to Get Your Hawaii 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 Hawaii Money Transmitter Bond!   If you have any questions, please call us at 877-654-2327.
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