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New Jersey 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: New Jersey Department of Banking
  • Minimum bond amount: $100,000
  • Maximum bond amount: $1,000,000
  • Valid: Continuous

This bond ensures money transmitters will conduct business in compliance with Section 17:15 1C of the New Jersey Statues Annotated, the Money Transmitters Act, along with other applicable New Jersey state laws.

If the bond is cancelled, a 30 day written notice of cancellation must be given to the obligee.

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.)

Licensing Requirements:

  1. Application provided by the Department
  2. Company check or money order
  3. Surety bond
  4. Non-refundable $700 licensing fee
  5. Copy of financial statement
  6. Audited financial statements from the most recent year
  7. $50,000 net worth of a foreign money transmitter or $100,000 of a domestic money transmitter
  8. SEC filings
  9. Business activities and history of business operation
  10. Fingerprinting

All 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 New Jersey 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 New Jersey Department of Banking & Insurance.


How to Get Your New Jersey 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 New Jersey Money Transmitter Bond!   If you have any questions, please call us at 877-654-2327.
1. Apply Online Using our Free & Secure Application 2. Get Your Free Quote Applications are No-Obligation 3. Get Your Bond Most Bonds are Approved in 1-2 Business Days