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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. In NC, to obtain a money transmitter license one must post a North Carolina Money Transmitter Bond. The license administration is conducted by the Nationwide Mortgage Licensing System (NMLS). the required surety bond is filed electronically with the NMLS by Surety1.com.
Activities Authorized Under the Money Transmitter License:
- 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
* NC has a separate Check Cashing License. Contact the NC Commissioner of Banks for more information.
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. Surety1.com represents over a dozen surety companies and will shop for the most competitive rate available for the bond.
Money Transmitter Bond Amount
The amount of the surety bond depends on the annual volume in the state in the previous year.
| Amount of NC Volume | Surety Bond Amount |
| Up to $1,000,000 | $150,000 |
| $1,000,001 to $5,000,000 | $175,000 |
| $5,000,001 to $10,000,000 | $200,000 |
| $10,000,001 to $50,000,000 | $225,000 |
| More Than $50,000,000.00 | $250,000 |
The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct. The North Carolina Money Transmitter Bond guarantees the money transmitter will comply with the North Carolina Money Transmitters Act. Failure to comply will result in suspension or revocation of the license and cancellation of the surety 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.)
Licensing requirements:
- $1,000 initial licensing fee
- Net worth of at least $100,000
- $500 non-refundable application and investigation fee
- Surety bond
- Most recently audited financial statement of applicant
The licensing fees are required by the state of North Carolina, 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 North Carolina 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 North Carolina Commissioner of Banks, and see a checklist for new money transmitter license applications from NMLS.
How to obtain a North Carolina Money Transmitter Bond
At surety1.com we make it as painless as possible to obtain the necessary surety bonds:
- Complete our easy to navigate and secure online application.
- Usually within one business day on of our surety bond professional agents will contact you to complete the underwriting requirements of the surety company.
- Review your free, non obligation quote.
- Sign some paperwork and make payment (all major credit cards accepted).
One these steps have been completed, your bond will be filed promptly with the NMLS by Surety1.com.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Surety1.com is the premier online provider of surety bonds nationwide since 2003. We also maintain an A+ rating from the Better Business Bureau.
Visit our State-by-State Guide to Money Transmitter Bonds
How to Get Your North Carolina 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.