North Carolina Money Transmitter Bond

A North Carolina Money Transmitter Bond is a type of surety bond required by the North Carolina Commissioner of Banks. All money transmitters in the state need to obtain a license and the surety bond is a license requirement. The minimum bond amount is $150,000 and the cost of the surety bond is usually between 1% and 3% of the bond amount. The licensing is processed through the Nationwide Mortgage Licensing System (NMLS).

How to Get a North Carolina Money Transmitter Bond

At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:

1. Complete the easy to navigate and secure online application. ¹
2. Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day. ²
3. Sign some paperwork and pay the bond premium

Once these steps have been completed, the North Carolina Money Transmitter Bond will be uploaded electronically to the NMLS.
^{1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
2- Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required}

Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.

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Who Needs this License and Surety Bond?

A person (or entity) is considered to money transmitter in North Carolina it solicits or advertises money transmission services from a Web site that North Carolina citizens may access in order to enter into those transactions by electronic means.

The Money Transmitter License authorizes the following activities:

• Electronic Money Transmitting
• Issuing traveler’s checks
• Selling traveler’s checks
• Issuing money orders
• Selling money orders
• Issuing and/or selling drafts
• Issuing prepaid access/stored value
• Selling prepaid access/stored value
• Check cashing
• Other-Money Services – Virtual Currency exchange or holding

For information on license requirements and license process, visit the NMLS License Check List. 

North Carolina Office of the Commissioner of Banks participates in the Multistate Money Services Businesses Licensing Agreement Program (MMLA), which creates a more efficient money service business licensing process among state regulators. If your company is seeking money transmitter licensure in more than five (5) states, participation in the MMLA may be right for you. See the Multistate MSB Licensing Agreement Program page of the NMLS Resource Center for more information.

To see license and bond requirements for additional states, visit our State-by-State Guide to Money Transmitter Bonds

The information provided above is for general informational purposes only and does not constitute legal advice.  Do not rely solely on the information presented here as a substitute for professional legal counsel.