Utah Money Transmitter Bond

A Utah Money Transmitter Bond is a type of surety bond required by the Utah Department of Financial Institutions (DFI) for businesses that engage in money transmission activities within the state. The bond amount is set by the DFI with the minimum surety bond amount being $50,000. The cost of the surety bond is usually between 1% and 3% of the bond amount. While the bond is required by the DFI, the license application is managed by the Nationwide Mortgage Licensing System (NMLS) and the surety bond is filed electronically with the NMLS.

How to Get a Utah 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 Utah Money Transmitter Bond will be filed electronically directly 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.

About Surety1.com
Contact Surety1

Who Needs This Surety Bond?

Any company transacting in the sale or issuance of a payment instrument 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 payment instrument, wire, facsimile, or electronic transfer. The Utah Money Transmitter License authorizes the following activities:

• Electronic Money Transmitting
• Issuing traveler’s checks
• Selling traveler’s checks
• Issuing money orders
• Selling money orders
• Bill paying
• Issuing and/or selling drafts
• Issuing prepaid access/stored value
• Selling prepaid access/stored value

Utah Department of Financial Institutions 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. Surety1.com is licensed in all 50 states and the District of Columbia to handle all your money transmitter bond needs.  Visit Surety1.com’s State-by-State Guide to Money Transmitter Bonds.

License Requirements

In addition to the Utah Money Transmitter Bond, license applicants must demonstrate “a net worth of not less than $1,000,000 as demonstrated by a financial statement for the most recent fiscal year that is prepared and certified by an independent auditor”.  A licensing checklist can be found here. 

Utah Department of Financial Institutions 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. Surety1.com is licensed in all 50 states and the District of Columbia to handle all your money transmitter bond needs.  Visit Surety1.com’s 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.