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
In order to get your money transmitter’s business license, you’ll need a bond.
- Required by: Maine Department of Professional & Financial Regulation
- Minimum bond amount: Varies
- Maximum bond amount: $500,000
- 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.)
- The application fee is $500.00 + $50.00 for each additional business location which is charged by the obligee.
- A net worth of $2,500.00 must be maintained by the applicant in order to apply for a license. Also, each delegate must have a net worth of $50,000
All licensing fees are required by the obligee, not the surety company.
Information required on the application:
- Applicant’s legal name along with any delegates
- Business federal identification number
- Business address
- Surety bond
- Information on any criminal convictions
Any dishonesty on the application will result in a denial for a license or license revocation.
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 Maine 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.
Visit Maine.gov for more information, and see a checklist for new money transmitter license applications at NMLS.
How to Get Your Maine Money Transmitter Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.