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Maryland 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: Maryland Office of the Commissioner of Financial Regulation
  • Minimum bond amount: $150,000
  • Maximum bond amount: $1,000,000
  • Valid: 1 year-continuous

This surety bond guarantees the principle will abide by all laws and regulations stated in Financial Institutions Title 12, Subtitle 4 of the Annotated Code of Maryland.

The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.

The bond is continuous until cancelled, and if it is cancelled, the Office of Financial Regulation must be notified that it is cancelled within 30 days of cancellation.

 

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 obligee requires many supporting documents and fees with the license application.

  1. Certificate of good standing from Maryland
  2. A detailed business plan
  3. Financial statements
  4. Surety bond
  5. Credit report
  6. Proof of at least 3 years experience in money transmission or a related business
  7. $2,000 non-refundable license fee
  8. $1,000 non-refundable investigation fee

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

If the application is filled out incorrectly or not turned in on time, the Commissioner has the legally ability to terminate the application. Lack of a surety bond is a term for termination of the license application, so it is crucial to be bonded before license application.

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 Maryland 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.

Learn more at the Maryland Department of Labor, Licensing, and Regulation. See a checklist for new money transmitter license applications at NMLS.

 

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