To obtain a money transmitter license in the state of Nevada, each licensee must post a Nevada Money Transmitter Bond. Every state requires this type of 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 Nevada 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.
Money Transmitter Bond
Money transmitters must be bonded in order to comply with Chapter 671 of the Nevada Revenue Statute along with other Nevada state laws.
In order to get your money transmitter’s business license, you’ll need a bond.
- Required by: Nevada Department of Business and Industry
- Minimum bond amount: $10,000
- Maximum bond amount: Varies
- Valid: 1 year – The bond must be renewed every year.
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.)
License application requirements:
- Legal name and residential address of applicant
- Names and addresses (residential and business) of applicant’s partners or proprietors
- Surety bond
- Names and addresses of each office of applicant
- $375 application and mandatory investigation fee
The licensing fees are required by Nevada, 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 Nevada 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 State of Nevada Department of Business & Industry – Financial Institutions
How do I get a Nevada Money Transmitter Bond?
At surety1.com we make it easy to apply for your money transmitter bond. Surety1 has developed a single application for all states which you may need the bond. This easy to use, online application can be completed in minutes. Depending on the aggregate limit of all bonds being requested, additional underwriting information may be required. once you apply, usually within one business day you will be contacted by one of our licensed surety bond agents. We offer free, no obligation quotes.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies ion the nation. Surety1.com is the premier online provider of surety bonds nationwide since 2003.
How to Get Your Nevada 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.