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Money Transmitter Bond Proposed In Nebraska

In the state of Nebraska, a hearing was scheduled for February 5, 2013 to consider the implementation of a surety bond requirement for money transmitters operation int he state.  Many surety companies offer surety bonds form  money transmitters in the states that currently have the requirement in place. Rates are from 1 to 5% of the bond amount, depending on the laws in the particular state, and the credit worthiness of the applicant.

LB 616 would require money transmitters to be licensed and post a surety bond for $100,000, plus $5,000 for each location or additional authorized delegate. The bill would cap the bond amount at $250,000. The Director of Banking and Finance (Director) would be authorized to increase a licensee’s bond amount up to the $250,000 maximum for good cause. The Director also could require a new or supplemental surety bond if the original license bond is exhausted or inadequate. The new or supplemental bond shall not exceed $500,000. Direct actions on the bond would be permitted and the aggregate liability of the surety company issuing the bond could not exceed the principal sum of the bond. The bond also would have to remain in place for five years after the money transmitter ceases operations in the State. The bond could be reduced, eliminated, or substituted prior to the end of the five-year period. The bill also provides that 30 days’ notice would be required to cancel the bond.

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