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Texas Money Services 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 Services Businesses Bond

In order to get your money transmitter’s business license, you’ll need a bond.

  • Required by: Commissioner of the Texas Department of Banking
  • Minimum bond amount: $300,000
  • Maximum bond amount: $2,000,000
  • Valid: 1 year-renewable

This bond ensures the laws of the Texas Financial Code (Title 3, Chapter 15) along with other Texas state laws.

The bond stays in effect as long as the license is valid. However, the surety company can cancel the bond at any time by writing the Commissioner a notice of cancellation 30 days before the effective cancellation date.

The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.


Money Services Businesses 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:

  1. Business plans
  2. Surety bond
  3. Background checks on applicant and other responsible individuals
  4. Prepaid access plan
  5. Audited financial statements
  6. Interim financial statements
  7. List of other states where applicant is licensed, if any
  8. Minimum net worth of$100,000 for 4 of less locations and $500,000 for 5 or more locations
  9. $2,500 application fee

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 Texas 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 texas.gov, and see a checklist for new money transmission company license applications at NMLS.


How to Get Your Texas Money Services 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 Texas Money Services 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