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Missouri 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

To ensure the money transmitter will comply with all laws stated by the Missouri Sale of Checks Law, a surety bond is required by the obligee.

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

  • Required by: Missouri Division of Finance
  • Minimum bond amount: $100,000 for initial applicants
  • 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.

For renewals, the bond amount increases 5 times the greatest amount transmitted in one day during the previous year. This is required by the obligee, not the surety company.

The minimum bond amount for renewals is $100,000 and the maximum bond amount is $1,000,000. This is required by the obligee, not the surety company.

If the bond is cancelled for any reason, the Director of Finance of the State of Missouri must be contacted within 60 days of cancellation and provided the information that the bond is no longer valid. During the 60 days, the principle is still liable for any claims filed against the bond.

 

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.)

To apply for a license, the following is needed:

  1. Identification information
  2. $100 licensing fee
  3. Proof of solvency form
  4. List of all Missouri business outlets
  5. CPS- certified audit
  6. Surety bond
  7. Copy of Bank Secrecy Act Registration of Money Services Business form
  8. Certificate of Compliance

Licensing fees are required by the obligee, not the surety company.

Money transmitters in Missouri 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.

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.

Go to the Missouri Division of Finance for more information.

 

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