An Oregon Money Transmitter Bond is a type of surety bond required by the Oregon Division of Financial Regulation (DFR) for any business or individual who wants to license as a money transmitter within the state. While
the license is a state requirement, the application process is managed by the Nationwide Mortgage Licensing System (NMLS).
The amount of the surety bond is $25,000, plus $5,000 for each location that operates or will operate as a branch or agent of the company for Oregon transactions up to a maximum bond of $150,000. The cost of the surety bond is usually between 1% and 3% of the bond amount. Surety1 will shop its many markets to procure the right price at the right terms.
How to Get an Oregon Money Transmitter Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day. 2
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Oregon Money Transmitter Bond will be uploaded to the NMLS by Surety1.
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
You can apply for Money Transmitter Bonds in multiple states on just one application.
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 is Required to Have a Oregon Money Transmitter License?
Businesses that want to provide money transmission services in Oregon, such as electronic bill payment and wiring money, must have a license with the division. Specifically, money transmission services is defined in ORS 717.200(11) as “selling or issuing payment instruments or engaging in the business of receiving money for transmission, or transmitting money within the United States or to locations abroad by any and all means, including but not limited to payment instruments, wire, facsimile or electronic transfer.”
Activities Authorized Under This License This license authorizes the following activities:
- Issuing and/or selling drafts
- Selling prepaid access/stored value o Check cashing
- Electronic Money Transmitting o Issuing money orders
- Issuing prepaid access/stored value
- Issuing traveler’s checks
Click Here for a check list of the Oregon Money Transfer License Requirements.
Visit our State-by-State Guide to Money Transmitter Bonds
How to Get Your Oregon 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.