Click Here to Apply for your Money Transmitter Bond
To obtain a money transmitter license, every state requires a surety bond, also known as a Money Transmitter Bond. Depending on your state, this license may be called money transmitter, money remitter, money services business, check casher, or sales of check license.
Surety1 understands that completing separate applications for each state can be time consuming. With our specific Money Transmitter Application, you can now apply for multiple states with just one simple application! On this form, just select all the states in which you need a Money Transmitter Bond and one of our agents will follow up with a quote for each separate bond.
Why Do I Need This Bond?
Money Transmitter Bonds are 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 bond amount, see the list below for more details. At Surety 1, we will find you the lowest quote for your bond, starting at only 1.5% of the bond amount! Apply online for a free, no-obligation quote.
Money Transmitter Bonds by State
Click on your state in this list to see detailed information and requirements for the money transmitter bond in your state.
Alabama
The Alabama Monetary Transmission Bond is required by the Alabama Securities Commission.
According to Alabama Money Transmissions Act, Alabama Code Section 8-7A-1, the business of money transmission includes selling or issuing payment instruments, stored value, or receiving money or monetary value for transmission. All money transmitters must be licensed under Alabama Code Section 8-7A-5 in order to conduct such business in the State of Alabama. The Alabama Monetary Transmission Bond is required for licensure.
The required amount for the Alabama Monetary Transmission Bond is determined by the Alabama Securities Commission. However, the bond may not be less than $100,000, or the average daily outstanding obligations for money received for transmission plus 50 percent of the average daily outstanding payment instrument and stored value obligations, whichever is greater.
The Alabama Monetary Transmission Bond ensures the faithful compliance of the money transmitter with the Alabama Money Transmissions Act. Furthermore, the bond provides compensation for any person damaged by violation of said Act.
In addition to the Alabama Monetary Transmission Bond, all money transmitter license applicants must submit Form MT, which includes:
- Initial filing fee- $500
- License fee- $500
- Legal name, business address, email address, and any other name used by the applicant
- List of any criminal convictions of applicant within the previous 10 years
- Description of any money transmission previously provided by the applicant
- List of proposed business locations
- List of other states in which the applicant is a licensed money transmitter
- Any bankruptcy information within the last seven years
- Sample form of any contract used in business
- Sample form of any payment instrument upon which stored value is recorded
- Names and addresses of any banks through which the applicant’s payment instruments and stored value will be paid
CLICK HERE for more information from the Alabama Securities Commission
Apply for your Alabama Money Transmitter Bond.
Alaska
The Alaska Uniform Money Services Act Bond is required by the State of Alaska, Department of Commerce, Community, and Economic Development, Division of Banking and Securities.
According to the Alaska Uniform Money Services Act, Alaska Statute Chapter 06.55, the business of money transmission includes selling or issuing payment instruments or stored value, or receiving money or monetary value for transmission. In order to conduct business in the State of Alaska, all money transmitter license applicants must file a Surety Bond with the Division of Banking and Securities.
The required amount for the Alaska Uniform Money Services Act Bond is $25,000 plus $5,000 for each location, not to exceed $150,000.
The Alaska Uniform Money Services Act Bond ensures the faithful compliance of the licensee with the Alaska Uniform Money Services Act. Furthermore, the bond provides compensation for any person that damaged by violation of said Act.
The bond is continuous in nature; however, the bond may be cancelled by the Surety with 30 days written notice to the Director of the Division of Banking and Securities. The Alaska Uniform Money Services Act Bond must be in effect for a period of five years from the date of cancellation or from the date that the business ceases operation.
In addition to obtaining an Alaska Uniform Money Services Act Bond, all money transmitter licensees must file an application with the Nationwide Multistate Licensing System that includes:
- License fee- $1,000
- Application Fee- $2,000
- Credit Report for Control Persons
- Uniform Authorized Agent Reporting Annual Processing Fee
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Names
- Resident/Registered Agent
- Primary Contact Employees
- Approvals and Designation
- Bank Account Information
- Disclosure Questions
- Control Person (MU2) Attestation
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Alaska Affidavit
- Alaska Business License
- Flow of Funds Structure
- Formation Documents
- Management Chart
- Organizational Chart/Description
- Permissible Investments
- Individual (MU2) Documents
Apply for your Alaska Money Transmitter Bond.
Arizona
The Arizona Department of Financial Institutions Surety Bond is required by the Superintendent of Financial Institutions of the State of Arizona.
According to Arizona Revised Statutes Title 6, Chapter 12, Article 1, a money transmitter is a person who does any of the following:
- Sells or issues payment instruments
- Engages in the business of receiving money for the transmission of or transmitting money
- Engages in the business of exchanging payment instruments or money into any form of money or payment instrument
- Engages in the business of receiving money for obligors for the purpose of paying that obligor’s bills, invoices, or accounts
- Meets the definition of a bank, financial agency or financial institution
In order to conduct business in the State of Arizona, all money transmitters must be licensed. Obtaining and filing a Surety Bond is one of the licensing requirements. The Arizona Department of Financial Institutions Surety Bond ensures that the money transmitter will faithfully comply with the provisions of Title 6, Chapter 12 of the Arizona Revised Statutes. Furthermore, the bond provides compensation for damages incurred by violation of said Statute.
The required amount for the Arizona Department of Financial Institutions Surety Bond depends on the number of authorized delegates and Arizona locations of the money transmitter:
- A $25,000 surety bond is required for 0 to 5 authorized delegates and Arizona locations
- A $100,000 surety bond is required for 6 to 20 authorized delegates and Arizona locations
- For 21-200 authorized delegates and Arizona locations, a $100,000 surety bond is required, plus $5,000 for each delegate or location. The maximum amount is $250,000.
- For 201+ authorized delegates and Arizona locations, a $250,000 surety bond is required, plus $5,000 for each delegate or location. The maximum amount is $500,000.
The Arizona Department of Financial Institutions Surety Bond is continuous in nature; however, the bond may be cancelled at any time by the Surety with 30-days written notice to the Superintendent of Financial Institutions of the State of Arizona.
In addition to the Arizona Department of Financial Institutions Surety Bond, all money transmitters must file a licensure application with the Nationwide Multistate Licensing System, which includes:
-
- Application Fee- $1,500
- FBI Criminal Background Check
- Licensing Fee (amount dependent on month of licensure)
- Uniform Authorized Agent Reporting Annual Processing Fee
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Disclosure Questions
- Control Person (MU2) Attestation
- MU2 Individual FBI Criminal Background Check Requirements
- Certificate of Good Standing
CLICK HERE for more information from the Arizona Department of Financial Institutions.
Apply for your Arizona Money Transmitter Bond.
Arkansas
The Arkansas Uniform Money Services Act Surety Bond is required by the Arkansas Securities Department.
According to the Arkansas Uniform Money Services Act, Arkansas Code Section 23-55-102, the business of money transmission includes selling or issuing payment instruments, stored value, or receiving money or monetary value for transmission. In order to conduct these services in the State of Arkansas, all money transmitters must be licensed. Requirements for licensure include filing a Surety Bond with the Arkansas Securities Commissioner. The Arkansas Uniform Money Services Act Surety Bond ensures that the money transmitter will faithfully comply with the provisions of the Arkansas Uniform Money Services Act Surety Bond. Furthermore, the bond provides compensation for anyone damaged by violations of said Act.
The required amount for the Arkansas Uniform Money Services Act Surety Bond is $50,000, plus $10,000 per business location, but may not exceed $300,000.
The Arkansas Uniform Money Services Act Surety Bond is continuous in nature; however, the Surety may cancel the bond at any time with 60 days written notice to the money transmitter and the Commissioner.
In addition to the Surety Bond, all money transmitters must complete a license application through the Nationwide Multistate Licensing System, which includes:
- License/Registration Fee- $750
- Application Fee- $1,500
- Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Non-Primary Contact Employees
- Approvals and Designation
- Bank Account
- Disclosure Questions
- Qualifying Individual
- Control Person (MU2) Attestation
- AML/BSA Policy
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Certification of Resolution
- Company Staffing and Internal Policies
- Document Samples
- Flow of Funds Structure
- Formation Documents
- Management Chart
- Organizational Chart/Description
- Permissible Investments
CLICK HERE for more information from the Arkansas Securities Department
Apply for your Arkansas Money Transmitter Bond.
California
The California Receiving Money for Transmission Licensee Bond is required by the State of California, Department of Business Oversight.
According to the California Financial Code, the business of money transmission includes any of the following:
- Selling or issuing payment instruments
- Selling or issuing stored value
- Receiving money for transmission
In order to conduct these services in California, all money transmitters must file an electronic Surety Bond with the Nationwide Multistate Licensing System (NMLS). The California Receiving Money for Transmission Licensee Bond ensures that the money transmitter will faithfully comply with the California Money Transmission Act, Division 1.2 of the California Financial Code. Furthermore, the bond provides compensation for any person damaged by violation of said Act.
The required bond amount for the California Receiving Money for Transmission Licensee Bond must be greater than the average daily outstanding obligations for money received for transmission, but shall not be less than $250,000 and no more than $7,000,000.
The California Receiving Money for Transmission Licensee Bond is continuous in nature.
In addition to the California Receiving Money for Transmission Licensee Bond, all money transmitters must file a license application with the NMLS, which includes:
- Application Fee- $5,000
- Credit Report for Control Persons: $15
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Registered Agent
- Primary Contact Employees
- Approvals and Designation
- Bank Account
- Disclosure Questions
- Control Person (MU2) Attestation
- Credit Report
- AML/BSA Policy
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Document Samples
- Flow of Funds Structure
- Management Chart
- Organizational Chart/Description
CLICK HERE for more information from the California Department of Business Oversight
Apply for your California Money Transmitter Bond.
Colorado
The Colorado Money Transmitter Act Surety Bond is required by the State of Colorado Division of Banking.
According to Colorado Banking Code, Article 110, the business of money transmission includes the sale or issuance of exchange or engaging in the business of receiving money for transmission or transmitting money including payment instrument, wire, facsimile, or electronic transfer. In order to conduct these services, all money transmitters must apply for a license. One requirement of this license application is filing a Surety Bond with the Bank Commissioner of the State of Colorado. The Colorado Money Transmitter Act Surety Bond ensures that the money transmitter will faithfully comply with the provisions of the Money Transmitters Act. Furthermore, the bond protects any person damaged by violation of said Act.
The required amount for the Colorado Money Transmitter Act Surety Bond is $1,000,000.
The Colorado Money Transmitter Act Surety Bond is continuous in nature; however, the bond may be cancelled by the Surety at any time with 90 days written notice to the Banking Board.
In addition to the Colorado Money Transmitter Act Surety Bond, all money transmitter license applicants must submit the following to the Colorado Division of Banking:
- List of individuals who have responsibility over the Applicant’s licensed activities
- Interagency Biographical and Financial Report
- Completed Fingerprint Card
- Organization Chart
- Applicant Questionnaire
- History of Operations
- Business Locations
- Sample agent contract
- Sample form of payment instrument
- Criminal history for the previous 5 years
- Name and address of the banks on which the Applicant’s payment instruments will be payable
- Business Plan
- Registration with the Department of Treasury as a Money Service Business
CLICK HERE for more information from the Colorado Department of Regulatory Agencies.
Apply for your Colorado Money Transmitter Bond.
Connecticut
The Connecticut Money Transmission Licensee Surety Bond is required by the Banking Commissioner of the State of Connecticut.
According to the Connecticut General Statutes Sections 36a-596, the business of money transmission includes engaging in the business of receiving money or monetary value for current or future transmission or the business of transmitting money of monetary value by any means including payment instrument, wire, facsimile or electronic transfer or issuing stored value. All money transmitters must be licensed in order to conduct business. One requirement of the license application is obtaining a Surety Bond. The Connecticut Money Transmission Licensee Surety Bond ensures that the money transmitter will faithfully comply with the provisions of the Connecticut General Statutes Sections 36a-595 to 36a-610. Furthermore, the bond provides compensation for any person damaged by violation of said Sections.
The required amount for the Connecticut Money Transmission Licensee Surety Bond is based on the money transmitter’s average weekly amount of money transmissions in Connecticut:
- Required bond amount of $300,000 for money transmission amount of $150,000.
- Required bond amount of $500,000 for money transmission amount between $150,000 and $250,000.
- Required bond amount of $1,000,000 for money transmission amount of $250,000 or greater.
The bond is continuous in nature; however the Surety may cancel the bond at any time with 30-days written notice to the money transmitter.
In addition to the Connecticut Money Transmission Licensee Surety Bond, other Money Transmitter License requirements of the Nationwide Multistate Licensing System include:
- Certificate of Authority
- Money Services Businesses
- Other Trader Name
- Resident/Registered Agent
- Bank Account
- Qualifying Individual
- Disclosure Questions
- Authorized Agents Locations
- Financial Statements
- Virtual Currency
- Business Plan
- Document Samples
- Formation Document
- Management Chart
- AML/BSA Policy
- Flow of Funds Structure
- Permissible Investments
CLICK HERE for more licensing information from the Connecticut Department of Banking.
Apply for your Connecticut Money Transmitter Bond.
Delaware
The Delaware Sale of Checks and Transmission of Money Surety Bond is required by the State of Delaware, Office of the State Bank Commissioner.
According to Title 5, Chapter 23 of the Delaware Code, all persons planning to engage in the business of receiving money for transmission must first obtain a license. Every licensee must file a Surety Bond with the State Bank Commissioner as a license requirement. The Delaware Sale of Checks and Transmission of Money Surety Bond ensures that the Money Transmitter will faithfully comply with the provisions of Delaware Code Title 5, Chapter 23. Furthermore, the bond provides compensation for any person damaged by the violation of said Code.
The required amount for the Delaware Sale of Checks and Transmission of Money Surety Bond is $25,000, plus $5,000 for each additional location. The bond may not be more than $250,000.
The Delaware Sale of Checks and Transmission of Money Surety Bond is continuous in nature; however, the bond may be cancelled by the Surety at any time with 30 days written notice to the Money Transmitter and the Office of the State Bank Commissioner.
In addition to the Delaware Sale of Checks and Transmission of Money Surety Bond, all Money Transmitters must apply for a license from the Office of the State Bank Commissioner. The license application includes:
- Business name of Applicant
- Business address
- Organization Type
- Criminal History
- Other names
- Business plan
- Business References
- Investigation fee- $172.50
- Licensing fee- $230
CLICK HERE for more information from the Office of the State Bank Commissioner.
Apply for your Delaware Money Transmitter Bond.
Florida
The Florida Money Services Business Surety Bond is required by the Financial Services Commission of the State of Florida.
According to Florida Statute Title XXXIII, Chapter 560.103, a Money Transmitter is any person who receives currency, monetary value, or payment instruments for the purpose of transmitting the same by any means, including transmission by wire, facsimile, electronic transfer, courier, the Internet, or through bill payment services.
All persons wishing to conduct business as a Money Transmitter in the State of Florida must apply for licensure. One of the licensing requirements is obtaining a Surety Bond. The Florida Money Services Business Surety Bond ensures that the Money Transmitter will faithfully comply with Chapter 560 of the Florida Statutes. Furthermore, the bond provides compensation for any person damaged by violation of said Chapter.
The required amount for the Florida Money Services Business Surety Bond is determined by the Commission, but may not exceed $250,000.
The Florida Money Services Business Surety Bond is continuous in nature; however, the bond may be cancelled at any time by the Surety with 30 days written notice to the Office of Financial Regulation.
Other licensing requirements, in addition to the Florida Money Services Business Surety Bond, include:
- The legal name and address of the applicant
- The date of the applicant’s formation
- Information for each controlling interest in the business
- Description of the organizational structure
- History of operations
- Business locations
- Name and address of the financial institutions through which the applicant’s payments are drawn
- Criminal History
- Name of registered agent
CLICK HERE for more information from the Florida Office of Financial Regulation.
Apply for your Florida Money Transmitter Bond.
Georgia
The Georgia Money Transmitter Surety Bond is required by the Georgia Department of Banking and Finance.
According to the Nationwide Multistate Licensing System, money transmission is the business of receiving money for transmission by means including wire, facsimile, or electronic transfer. In order to conduct such business in the State of Georgia, all money transmitters must be licensed. One requirement of the license application is obtaining and filing a Surety Bond. The Georgia Money Transmitter Surety Bond ensures the faithful compliance of the money transmitter with Official Code of Georgia Annotated Title 7 Article 4. Furthermore, the bond provides compensation for any person damaged by violation of said Code.
The required amount for the Georgia Money Transmitter Surety Bond is $100,000. Additional bond coverage may be required, but may not exceed $2,000,000.
The Georgia Money Transmitter Surety Bond must be electronically filed with the Nationwide Multistate Licensing System (NMLS).
In addition to the Georgia Money Transmitter Surety Bond, all money transmitter license applicants must file the following with NMLS:
- License/Registration Fee- $1,150
- Credit report for Control Persons- $15
- FBI Criminal Background Check for MU2 Individual
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Disclosure Questions
- Control Person (MU2) Attestation
- Credit Report
- Formation Documents
- Certificate of Authority/Good Standing Certificate
- Business Plan
- Management Chart
- Ownership Chart/Description
- Flow of Funds Diagram and Description
- AML/BSA Policy
- Verification of Lawful Presence Within the United States
- Credit Report Explanations
- State Background Check Authorization
CLICK HERE for more information from the State of Georgia, Department of Banking and Finance.
Apply for your Georgia Money Transmitter Bond.
Hawaii
The Hawaii Money Transmitters License Surety Bond is required by the Hawaii Commissioner of Financial Institutions.
According to the Hawaii Money Transmitters Act, Chapter 489D of the Hawaii Revised Statutes, the business of money transmission includes:
- Selling or issuing payment instruments or
- Receiving money or monetary value for transmission to a location within or outside the United States by any and all means, including wire, facsimile, or electronic transfer
All persons wishing to engage in the above activities in the State of Hawaii must be licensed. Applications for licensure must include a surety bond. The Hawaii Money Transmitters License Surety Bond ensures that the money transmitter will faithfully comply with all provisions of the Hawaii Money Transmitters Act. Furthermore, the bond provides protection to the money transmitter and any person violated by violation of said Act.
The required amount for the Hawaii Money Transmitters License Surety Bond is $10,000. However, the Hawaii Commissioner of Financial Institutions may increase the amount of the bond to a maximum of $500,000.
In addition to filing the Hawaii Money Transmitters License Surety Bond with the Commissioner, all money transmitters must fulfill the following license application requirements through the Nationwide Multistate Licensing System:
- Hawaii Application Fee- $5,000
- Hawaii Initial License Fee- $5,000
- Other Trade Name
- Resident/Registered Agent
- Hawaii Branch Locations
- Bank Account
- Disclosure Questions
- Financial Statements
- Business Plan
- Certificate of Good Standing
- Management Chart
- Organization Chart/Description
- Anti-Money Laundering Program/Office of Foreign Assets Control Policy
- Information Technology Security
- FBI and Hawaii Criminal Background Check Requirements
- Third Party Investigative Background Checks
- Authorized Agents Locations
- Document Sample
- Digital Currency Companies
CLICK HERE for more information from the Hawaii Department of Commerce and Consumer Affairs.
Apply for your Hawaii Money Transmitter Bond.
Idaho
The Idaho Surety Bond for Money Transmitters is required by the State of Idaho Department of Finance.
According to Idaho Statutes Title 26, Chapter 29, the business of money transmission includes the sale or issuance of payment instruments or engaging in the business of receiving money for transmission or the business of transmitting money by all means including payment instrument, wire, facsimile, or electronic transfer. Any person wishing to engage in the above business in the State of Idaho must be licensed. The application for licensure must include a Surety Bond. The Idaho Surety Bond for Money Transmitters ensures that the money transmitter will faithfully comply with all provisions of Title 26, Chapter 29 of the Idaho Statutes. Furthermore, the bond provides protection for the money transmitter and any person damaged by violation of said Chapter.
The required amount for the Idaho Surety Bond for Money Transmitters is $10,000. The bond amount must be increased by $5,000 for each business location, up to a maximum of $500,000.
In addition to the Idaho Surety Bond for Money Transmitters, all license applicants must fulfill the following requirements through the Nationwide Multistate Licensing System:
- License Cost- $100
- Other Trade Name
- Resident/Registered Agent
- Approvals and Designations
- Bank Account
- Disclosure Questions
- Financial Statements
- Business Plan
- Organizational Chart/Description
- Business Locations and Authorized Agents
- Authorized Delegate Contract
- Anti-Money Laundering Program
CLICK HERE for more information from the State of Idaho Department of Finance.
Apply for your Idaho Money Transmitter Bond.
Illinois
The Illinois Transmitter of Money Licensee Bond is required by the State of Illinois Director of the Division of Financial Institutions.
According to the Illinois Transmitters of Money Act, a money transmitter is a person who directly or through authorized seller does any of the following:
- Sells or issues payment instruments
- Engages in the business of receiving money for transmission or transmitting money
- Engages in the business of exchanging, for compensation, money of the United States Government or a foreign government to or from money of another government
In order to conduct business in the State of Illinois, all money transmitters must be licensed. The application for licensure includes a Surety Bond. The Illinois Transmitter of Money Licensee Bond ensures that the money transmitter will comply with all provisions of the Illinois Transmitters of Money Act. Furthermore, the bond provides compensation for any person damaged by violation of said Act.
The required amount for the Illinois Transmitter of Money Licensee Bond is $50,000 or an amount equal to 1% of all Illinois-based activity, whichever is greater, up to a maximum amount of $2,000,000. When the amount of the required bond exceeds $1,000,000, the licensee may post a bond in the amount of $1,000,000 plus a dollar for dollar increase in the net worth of the licensee over and above the required amount, up to a total amount of $2,000,000.
The licensee must maintain the required bond for 5 years after he or she ceases business in the State of Illinois.
In addition to filing the Illinois Transmitter of Money Licensee Bond, all money transmitters must file a license application through the Nationwide Multistate Licensing System, which includes the following:
- Illinois License/Registration Fee- $100
- Illinois Application Fee- $100
- Investigation Fee- $400
- Authorized Seller Fee- $10
- Uniform Authorized Agent Reporting Annual Processing Fee
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Non-Primary Contact Employees
- Approvals and Designation
- Bank Account
- Disclosure Questions
- Control Person (MU2) Attestation
- AML/BSA Policy
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Document Samples
- Formation Documents
- Organizational Chart/Description
CLICK HERE for more information from the Illinois Department of Financial & Professional Regulation.
Apply for your Illinois Money Transmitter Bond.
Indiana
The Indiana Surety Bond of Money Transmitters is required by the State of Indiana, Department of Financial Institutions.
According to Indiana Code 28-8-4-13, the business of money transmission means an activity that involves:
- The sale or issuance of payment instruments primarily for personal, family, or household purposes or
- Engaging in the business of receiving money for transmission from, or transmitting money to, any location and by any means, including a payment instrument, wire, facsimile, or electronic transfer, primarily for personal, family, or household purposes
The money transmission activity is also performed from an office or place of business or over the Internet or by any other means of transmission.
In order to conduct business in the above manner in the State of Indiana, all money transmitters must be licensed. The application for licensure must include a Surety Bond. The Indiana Surety Bond of Money Transmitters ensures that the licensee will faithfully comply with all provisions of the Indiana Money Transmitter Act, Indiana Code 28-8. Furthermore, the bond provides compensation for any person damaged by violation of said Act.
The required amount for the Indiana Surety Bond of Money Transmitters is $300,000.
The Indiana Surety Bond of Money Transmitters is continuous in nature; however, the bond may be cancelled by the Surety at any time with 30 days written notice to the Department of Financial Institutions.
In addition to electronically filing the Indiana Surety Bond of Money Transmitters, all licensees must complete the following application requirements through the Nationwide Multistate Licensing System:
- Application Fee- $1,000
- FBI Criminal Background Check for MU2 Individual- $36.25 per person
- Submission of Company Form (MU1)
- Financial Statements
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Approvals and Designation
- Disclosure Questions
- Qualifying Individual
- Control Person (MU2) Attestation
- MU2 Individual FBI Criminal Background Check Requirements
- AML/BSA Policy
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Company Staffing and Internal Policies
- Document Samples
- Errors and Omissions
- Flow of Funds Structure
- Formation Documents
- Management Chart
- Organizational Chart/Description
- Credit Report Explanation
- Legal Name/Status Documentation
- Verification of Experience
CLICK HERE for more information from the Indiana Department of Financial Institutions.
Apply for your Indiana Money Transmitter Bond.
Iowa
The Iowa Money Services Surety Bond is required by the Iowa Division of Banking Finance and Bureau.
According to the Nationwide Multistate Licensing System (NMLS), money transmission includes any of the following:
- Selling payment instruments to one or more persons or issuing payment instruments which are sold to one or more persons
- Conducting the business of receiving money or monetary value for transmission
- Conducting the business of receiving money for obligors for the purpose of paying obligors’, bills, invoices, or accounts
In order to conduct the above business in the State of Iowa, all money transmitters must obtain a license. Filing a Surety Bond with NMLS is one of many licensing requirements. The Iowa Money Services Surety Bond ensures that the money transmitter will conduct business honestly. Furthermore, the bond protects any person damaged by unethical business practices.
The required amount for the Iowa Money Services Surety Bond is $50,000 plus $10,000 per business location. If there is no physical business location in Iowa, the required bond amount is $300,000.
In addition to the Iowa Money Services Surety Bond, all money transmitters must complete the following licensing application requirements through the Nationwide Multistate Licensing System:
- License/Registration Fee- $500
- Application Fee- $1,000
- Initial Fee for Authorized Agents- $10
- Uniform Authorized Agent Reporting Annual Processing Fee
- Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Disclosure Questions
- Control Person (MU2) Attestation
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Document Samples
- Formation Documents
- Management Chart
- Organizational Chart/Description
- Criminal History Record Check Request Form
- SEC Filing
CLICK HERE for more information from the Iowa Division of Banking.
Apply for your Iowa Money Transmitter Bond.
Kansas
The Kansas Money Transmitter Surety Bond is required by the State of Kansas Office of the State Bank Commissioner.
According to the Kansas Money Transmitter Act, K.S.A. 9-508 et seq, money transmission includes engaging in the business of the sale or issuance of payment instruments or of receiving money or monetary value for transmission to a location within or outside the U.S. by wire, facsimile, electronic means, or any other means. In order to conduct this business in the State of Kansas, all money transmitters must be licensed. Obtaining and filing a Surety Bond is included in the licensing requirements. The Kansas Money Transmitter Surety Bond ensures that the money transmitter will faithfully comply with all provisions of the Kansas Money Transmitter Act, K.S.A. 9-508 et seq. Furthermore, the bond provides compensation to any person damaged by violation of said Act.
The required amount for the Kansas Money Transmitter Surety Bond is set by the Commissioner in an amount no less than $200,000. The Commissioner may increase the amount of the bond up to a maximum of $1,000,000 based on:
- The volume of money transmission business transacted in the State of Kansas by the licensee or
- The impaired financial condition of a licensee
The bond is continuous in nature; however, the Surety has the right to cancel the Bond at any time with 30 days written notice to the State of Kansas Office of the State Bank Commissioner. The money transmitter and Surety remain liable for 2 years after the date of termination unless released in writing.
In addition to obtaining the Kansas Money Transmitter Surety Bond and maintain a net worth of at least $250,000, all money transmitter licensees must complete the following application requirements:
- Application Fee-$1,750
- Credit Report for Control Persons- $15
- FBI Criminal Background Check for MU2 Individual- $36.25
- Uniform Authorized Agent Reporting Annual Processing Fee
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Approvals and Designation
- Bank Account
- Disclosure Questions
- Control Person (MU2) Attestation
- Credit Report
- MU2 Individual FBI Criminal Background Check Requirements
- AML/BSA Policy
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Formation Documents
- Management Chart
- Organizational Chart/Description
- Permissible Investments
- Officers/Directors
- Business in Kansas
- Virtual Currency
- Money Services Business Registration
Licensees must file a renewal application every year on or before December 31st of the expiration year.
Apply for your Kansas Money Transmitter Bond.
Kentucky
The Kentucky Surety Bond to Operate Money Transmission Business is required by the Commonwealth of Kentucky Commissioner of the Department of Financial Institutions.
According to the Kentucky Money Transmitter Act of 2006, KRS Chapter 286.11, the business of money transmission includes receiving money or monetary value to transmit, deliver, or instruct to be transmitted or delivered, money or monetary value to another location by all means including wire, facsimile, electronic transfer, or issuing stored value.
In order to conduct business in the above manner in the Commonwealth of Kansas, all money transmitters must be licensed. Obtaining and filing a Surety Bond is one of the requirements for licensure. The Kentucky Surety Bond to Operate Money Transmission Business ensures that the money transmitter will faithfully comply with all provisions of the Kentucky Money Transmitter Act of 2006. Furthermore, the bond provides compensation for any person damaged by violation of said Act.
The required amount for the Kentucky Surety Bond to Operate Money Transmission Business is at least $500,000. However, the Commissioner may increase the amount of the bond to a maximum of $5,000,000.
The Kentucky Surety Bond to Operate Money Transmission Business is continuous in nature; however, the bond may be cancelled at any time with 30 days written notice of cancellation to the Commissioner. The bond must remain in place and active for at least 5 years after the date that the licensee ceases business in Kentucky.
In addition to obtaining and filing the Kentucky Surety Bond to Operate Money Transmission Business and maintaining a net worth of at least $500,000, all money transmitters must complete the following application requirements through the Nationwide Multistate Licensing System:
- Other Trade Name
- Resident/Registered Agent
- Bank Account
- Qualifying Individual
- Credit Report
- Disclosure Questions
- Audited Financial Statements
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Anti Money Laundering Program
- Document Samples
- Approvals and Designation
- Formation Document
- Management Chart
- Organizational Chart/Description
- Business in Other Jurisdictions
- Authorized Agents Locations
- Permissible Investments
Apply for your Kentucky Money Transmitter Bond.
Louisiana
The Louisiana Money Transmitters Surety Bond is required by the State of Louisiana Commissioner of Financial Institutions.
According to the Louisiana Sale of Checks and Money Transmission Act, Louisiana Revised Statutes Title 6 Chapter 13, money transmission is the business of the sale or issuance of payment instruments or of receiving money or monetary value for transmission to a location within or outside the U.S. by all means including wire, facsimile, or electronic transfer. The term includes:
- Selling or issuing stored value or payment instruments including checks, money orders, and traveler’s checks
- Receiving money or monetary value for transmission including by payment instrument, wire, facsimile, electronic transfer, or Automated Clearing House (ACH) debit
- Providing third-party bill paying services
In order to perform the above services in the State of Louisiana, all money transmitters are required to be licensed. Obtaining and filing a Surety Bond is one of the licensing requirements. The Louisiana Money Transmitters Surety Bond ensures that money transmitter will faithfully comply with the provisions of the Louisiana Sale of Checks and Money Transmission Act. Furthermore, the bond protects the licensee and any person damaged by the violation of said Act.
The required amount for the Louisiana Money Transmitter Surety Bond is at least $25,000 but no more than $500,000.
The Louisiana Money Transmitter Surety Bond is continuous in nature; however, the Surety may cancel the bond at any time with 30 days written notice to the Commissioner.
In addition to obtaining and filing the Louisiana Money Transmitter Surety Bond and maintaining a net worth of at least $100,000, money transmitters must complete the following requirements through the Nationwide Multistate Licensing System:
- Other Trade Name
- MU2 Individual FBI Criminal Background Check Requirements
- Bank Account
- Secretary of State Documentation
- Louisiana Certificate of Authority
- Organizational Chart
- Disclosure Questions
- Out-of-State Licensing
- Financial Statements
- Business Plan
- Authorized Agents and/or Locations
- Instrument Samples
- Application Affidavit
- Certificate of Resolution
- Agent for Service of Process ad Acknowledgement
CLICK HERE for more information from the Louisiana Office of Financial Institutions.
Apply for your Louisiana Money Transmitter Bond.
Maine
The Maine Money Transmitter and Money Order/Travelers Check Issuer Bond is required by the Superintendent of the Bureau of Consumer Credit Protection of the State of Maine.
According to the Maine Money Transmitters Act, Maine Revised Statutes Title 32 Chapter 80 Subchapter 1, money transmission is the business of selling or issuing payment instruments or the business of receiving money for transmission or transmitting money by any means including payment instrument, wire, facsimile, or electronic transfer.
All persons wishing to conduct such business in Maine must be licensed. Obtaining and filing a Surety Bond is one licensing requirement. The Maine Money Transmitter and Money Order/Travelers Check Issuer Bond ensures that the money transmitter will faithfully comply with all provisions of the Maine Money Transmitters Act. Furthermore, the bond provides compensation for damages incurred by violation of such Act by the money transmitter.
The required amount for the Maine Money Transmitter and Money Order/Travelers Check Issuer Bond is $100,000.
The Maine Money Transmitter and Money Order/Travelers Check Issuer Bond is continuous in nature; however, the Surety may cancel the bond at any time with 30 days written notice to the money transmitter and the Superintendent of the Bureau of Consumer Credit Protection prior to the cancellation date. The bond must remain in full force and effect for the entire license period and for 5 years after the licensee ceases business in the State of Maine.
In addition to obtaining the Maine Money Transmitter and Money Order/Travelers Check Issuer Bond and maintaining a net worth of at least $100,000, the following license application requirements must be completed through the Nationwide Multistate Licensing System:
- Authorized Agents Locations
- Other Trade Names
- Resident/Registered Agent
- Bank Account
- Qualifying Individual
- Disclosure Questions
- Financial Statements
- Permissible Investments
- Business Volume
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Authorized Delegate Agreement
- Document Samples
- Formation Document
- Management Chart
- Organizational Chart/Description
- Trust Account Authorization
CLICK HERE for more information from the State of Maine Bureau of Consumer Credit Protection.
Apply for your Maine Money Transmitter Bond.
Maryland
The Maryland Money Transmitter Licensee Surety Bond is required by the Commissioner of Financial Regulations.
According to the Maryland Money Transmission Act, Md. Code Ann., Section 12-401, money transmission is the business of selling or issuing payment instruments or stored value devices for transmission by any means, including electronically or through the Internet. Any person wishing to practice the business of money transmission in the State of Maryland must be licensed. Obtaining and filing a Surety Bond is one of the licensing requirements. The Maryland Money Transmitter Licensee Surety Bond ensures that the money transmitter will faithfully comply with all provisions of the Maryland Money Transmission Act. Furthermore, the bond protects the money transmitter and any person damaged by violation of said Act.
The required amount for the Maryland Money Transmitter Licensee Surety Bond is $150,000.
The Maryland Money Transmitter Licensee Surety Bond is continuous in nature; however, the Surety may cancel the bond at any time with 90-day written notice to the Commissioner of Financial Regulations prior to the cancellation date. The bond must be in full force and effect during licensure and for 5 years after the money transmitter ceases business operations in the State of Maryland.
In addition to obtaining and electronically filing the Maryland Money Transmitter Licensee Surety Bond, the following application requirements must be submitted through the Nationwide Multistate Licensing System:
- Business Entity and Formation
- Ownership/Principal Officer Information
- Other Trade Name
- Trade Name Registration Certificate
- Resident Agent
- Approvals and Designation
- Bank Account
- Qualifying Individual
- Credit Report
- MU2 Individual FBI Criminal Background Check Requirements
- Disclosure Questions
- Financial Statements
- Business Plan
- Good Standing Status
- State of Formation Certificate of Good Standing
- Document Samples
- Management Chart
- Organizational Chart/Description
- Compliance Manual
- Policies & Procedures
- Applicants Business Credit Report
- Authorizations to Conduct Money Transmission Business
- List of Countries
- Fee Schedule
- License/Registration
- Authorized Agents Locations
- Trust Account Authorization
- Criminal Background Check Clarifications
- Maryland Business Activity
CLICK HERE for more information from the Maryland Department of Labor, Licensing, and Regulation.
Apply for your Maryland Money Transmitter Bond.
Massachusetts
The Massachusetts Foreign Transmittal Agency License Surety Bond is required by the Massachusetts Commissioner of Banks.
According to the Code of Massachusetts Regulations Section 209.45, a foreign transmittal agency means a person who engages or is financially interested in the business of receiving deposits of money for the purpose of transmitting the same to foreign countries. All persons wishing to conduct business as a foreign transmittal agency in the Commonwealth of Massachusetts must be licensed. Obtaining and filing a Surety Bond is one of the licensing requirements.
The Massachusetts Foreign Transmittal Agency License Surety Bond ensures that the foreign transmittal agency will conduct business in compliance with the Code of Massachusetts Regulations Section 209.45. Furthermore, the bond protects the foreign transmittal agency and any person damaged by violation of said Code.
The required amount for the Massachusetts Foreign Transmittal Agency License Surety Bond is $50,000.
In addition to the Massachusetts Foreign Transmittal Agency License Surety Bond, the following license application requirements must be completed through the Nationwide Multistate Licensing System:
- License/Registration Fee- $1,000
- Application Fee- $300
- Credit Report for Control Persons- $15
- FBI Criminal Background Check for MU2 Individual
- Submission of Company Form (MU1)
- Financial Statements
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Bank Account
- Disclosure Questions
- Qualifying Individual
- Control Person (MU2) Attestation
- Credit Report
- MU2 Individual FBI Criminal Background Check Requirements
- Business Plan
- Anti-Money Laundering/Compliance Policy
- Independent Review
- Certificate of Authority/Good Standing Certificate
- Formation Documents
- Management Chart
- Organizational Chart/Description
- W-9 Form
- Parent Financial Statement
- Business in Other Jurisdiction
CLICK HERE for more information from the Massachusetts Division of Banks.
Apply for your Massachusetts Money Transmitter Bond.
Michigan
The Michigan Money Transmission Services Provider Bond is required by the Director of the Department of Insurance and Financial Services of the State of Michigan.
According to the Michigan Money Transmission Services Act, money transmission services includes selling or issuing payment instruments or stored value devices or receiving money or monetary value for transmission. All persons wishing to engage in the above services in the State of Michigan must be licensed. One of the licensing requirements is obtaining and filing a Surety Bond. The Michigan Money Transmission Services Provider Bond ensures that the money transmitter will faithfully comply with all provisions of the Michigan Money Transmission Services Act. Furthermore, the bond provides compensation for any person damaged by violation of said Act.
The required amount for the Michigan Money Transmission Services Provider Bond is to be determined by the Commissioner of the Office of Financial and Insurance Services. The bond must be in an amount of at least $500,000 but no more than $1,500,000.
The bond must be renewed annually.
In addition to obtaining and electronically filing the Michigan Money Transmission Services Provider Bond, the following license application requirements must be fulfilled through the Nationwide Multistate Licensing System:
- Minimum net worth of $100,000 plus $25,000 for each additional branch location
- License/Registration Fee- $3,050
- Application Fee- $600
- License Fee Per Additional Location- $50
- Uniform Authorized Agent Reporting Annual Processing Fee
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Disclosure Questions
- Qualifying Individual
- Control Persons (MU2) Attestation
- AML/BSA Policy
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Flow of Funds Structure
- Formation Documents
- Management Chart
- Organizational Chart/Description
- Permissible Investments
- Credit Report Explanations
- Branch Locations
- Direct Ownership Verification
- FinCEN Form 107
- Internet Business
- Other Licenses Held By Company/Individual
CLICK HERE for more information from the Michigan Department of Insurance and Financial Services.
Apply for your Michigan Money Transmitter Bond.
Minnesota
The Minnesota Money Transmitter Surety Bond is required by the Department of Commerce of the State of Minnesota.
According to the Minnesota Money Transmitters Act, Minnesota Statutes Chapter 53B, money transmission is the business of selling or issuing payment instruments or engaging in the business of receiving money for transmission or transmitting money by all means including payment instrument, wire, facsimile, or electronic transfer. All persons wishing to engage in the above services in the State of Minnesota must be licensed. One of the licensing requirements is obtaining and filing a Surety Bond. The Minnesota Money Transmitter Surety Bond ensures that the money transmitter will faithfully comply with the Minnesota Money Transmitters Act. Furthermore, the bond provides protection for the money transmitter and any person damaged by violation of said Act.
The required amount for the Minnesota Money Transmitter Surety Bond depends on the number of business locations:
- Engaging in business at less than three locations requires a $25,000 surety bond.
- Engaging in business at more than three, but less than seven locations requires a $50,000 surety bond.
- Engaging in business at more than six locations requires a $50,000 surety bond, increased by $50,000 for each location over six, up to a maximum of $250,000.
The Minnesota Money Transmitter Surety Bond is continuous in nature; however, the Surety may cancel the bond at any time with 30-days written notice to the Department of Commerce prior to the cancellation date.
In addition to obtaining and electronically filing the Minnesota Money Transmitter Surety Bond, all money transmitters must complete the following license application requirements through the Nationwide Multistate Licensing System:
- Other Trade Names
- Resident/Registered Agent
- Bank Account
- Qualifying Individual
- Disclosure Questions
- Financial Statements
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Document Samples
- Authorized Delegates or Company Owned Locations
- Executive Officers, Managers, Owners and Key Shareholders
- Formation Document
- Management Chart
- Organizational Chart/Description
- Uniform Consent to Service of Process
- Affidavit of Official Signing Application
- Workers Compensation Insurance
- Fraud Prevention Measures Required
CLICK HERE for more information from the State of Minnesota Department of Commerce.
Apply for your Minnesota Money Transmitter Bond.
Mississippi
The Mississippi Money Transmitters Surety Bond is required by the Commissioner of Banking and Consumer Finance of the State of Mississippi.
According to the Mississippi Money Transmitters Act, Section 75-15-1 et seq., Miss. Code Ann., money transmission is the business of selling or issuing checks or of receiving money for transmission to a location by all means, including wire, facsimile, or electronic transfer. All persons wishing to engage in the above services in the State of Mississippi must be licensed. One of the licensing requirements is obtaining and filing a Surety Bond. The Mississippi Money Transmitters Surety Bond ensures that the money transmitter will conduct business in compliance with the Mississippi Money Transmitters Act. Furthermore, the bond provides protection for the money transmitter and any person damaged by violation of said Act.
The required amount for the Mississippi Money Transmitters Surety Bond is at least $25,000 but no more than $500,000.
The Mississippi Money Transmitters Surety Bond is continuous in nature; however, the Surety may cancel the bond at any time with 60-day written notice to the Commissioner prior to the cancellation date.
In addition to obtaining a Mississippi Money Transmitters Surety Bond, the following license application requirements must be completed through the Nationwide Multistate Licensing System:
- Application Fee- $800
- Uniform Authorized Agent Reporting Annual Processing Fee
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Approvals and Designation
- Disclosure Questions
- Control Person (MU2) Attestation
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Document Samples
- Formation Documents
- Direct Owners & Executive Officers Criminal Background Check
CLICK HERE for more information from the Mississippi Department of Banking and Consumer Finance.
Apply for your Mississippi Money Transmitter Bond.
Missouri
The Missouri Money Transmitters Bond is required by the Director of Finance of the State of Missouri.
According to the Missouri Revised Statutes Chapter 361, all money transmitters must be licensed in order to conduct business in the State of Missouri. Each application for licensure must be accompanied by a Surety Bond. The Missouri Money Transmitters Bond ensures that the money transmitter will faithfully comply with all provisions of Missouri Revised Statutes Chapter 361. Furthermore, the bond provides compensation to any person damaged by violation of said Statute.
The required amount for the Missouri Money Transmitter Bond is $100,000.
The Missouri Money Transmitter Bond is continuous in nature; however, the bond may be cancelled at any time by the Surety with 60-days’ written notice to the Director of Finance of the State of Missouri prior to the cancellation date.
In addition to the Missouri Money Transmitter Bond, all persons wishing to conduct business as a money transmitter must complete an application for licensure through the Missouri Division of Finance. The license application includes:
- A listing of all Missouri outlets
- An audit certified by a CPA
- Verification of FinCEN registration or a statement explaining exemption
- Licensing fee of $300
- Full name and business address of the proprietor, every member, and the corporation and each officer and director thereof
CLICK HERE for more information from the Missouri Division of Finance.
Apply for your Missouri Money Transmitter Bond.
Montana
Money transmitters do not need to be licensed in this state.
Nebraska
The Nebraska Money Transmitter Act Bond is required by the Nebraska Department of Banking & Finance.
According to the Nebraska Money Transmitters Act, Chapter 8, Article 28, money transmission is the business of the sale or issuance of payment instruments or stored value or of receiving money or monetary value for transmission to a location by all means including wire, facsimile, or electronic transfer. All persons wishing to conduct the above business services in the State of Nebraska must be licensed. As part of the application for licensure, all money transmitters must obtain a Surety Bond. The Nebraska Money Transmitter Act Bond ensures that the money transmitter with faithfully comply with all provisions of the Nebraska Money Transmitter Act. Furthermore, the bond provides compensation for any person damaged by violation of said Act.
The required amount for the Nebraska Money Transmitter Act Bond depends on the number of business locations in Nebraska. The minimum bond amount is $100,000; however the bond amount is increased by $5,000 per location in Nebraska in excess of one, up to a maximum of $250,000.
The Nebraska Money Transmitter Act Bond is continuous in nature; however, the Surety may cancel the bond at any time with 30-days’ written notice to the Director of Banking & Finance prior to the date of cancellation.
In addition to the Nebraska Money Transmitter Act Bond, the following license application requirements must be completed through the Nationwide Multistate Licensing System:
- Other Trade Name
- Resident/Registered Agent
- Approvals and Designations
- Bank Account
- Disclosure Questions
- Financial Statements
- United States Securities and Exchange Commission
- Permissible Investment Worksheet
- Financial Statements
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Document Samples
- BSA/Anti-Money Laundering Policy
- Formation Document
- Management Chart
- Organizational Chart/Description
- Nebraska Locations
- Authorized Delegate Contract
- Authorized Agents Locations
CLICK HERE for more information from the Nebraska Department of Banking and Finance.
Apply for your Nebraska Money Transmitter Bond.
Nevada
The Nevada Money Transmitter Surety Bond is required by the Financial Institutions Division of the State of Nevada.
According to the Nevada Revised Statutes Chapter 671, all persons wishing to engage in the business of money transmission in the State of Nevada must be licensed. As a requirement of the application for licensure, all money transmitters must obtain a Surety Bond. The Nevada Money Transmitter Surety Bond ensures that the money transmitter will faithfully comply with Chapter 671 of the Nevada Revised Statutes. Furthermore, the bond provides compensation for any person damaged by violation of said Chapter.
The required amount for the Nevada Money Transmitter Surety Bond is $10,000. However, the bond amount is increased by $5,000 for each additional business location in excess of one, up to a maximum of $250,000.
The Nevada Money Transmitter Surety Bond is continuous in nature; however, the bond may be cancelled by the Surety at any time with 30-days’ written notice to the Commissions of the Nevada Financial Institutions Division prior to the date of cancellation.
In addition to the Nevada Money Transmitter Surety Bond, the following license application requirements must be fulfilled through the State of Nevada Financial Institutions Division:
- The name and principal business address of the applicant
- The date and place of incorporation (if applicable)
- The names and addresses of each branch office
- The name and addresses of each director, trustee, principal officers, and stockholders who own 20% or more of the applicant’s stock
- Certified financial statement, showing a net worth of at least $100,000
- Application and survey fee
- Licensing Fee
Apply for your Nevada Money Transmitter Bond.
New Hampshire
The New Hampshire Money Transmitter Bond is required by the State of New Hampshire Banking Department.
According to New Hampshire Revised Statutes Chapter 399-G, money transmission is the business of selling or issuing payment instruments or stored value or receiving currency or monetary value for transmission to another location. Any person wishing to engage in the above business actions in the State of New Hampshire must be licensed. The license application requirements include obtaining a Surety Bond. The New Hampshire Money Transmitter Bond ensures that the money transmitter will faithfully comply with the provisions of New Hampshire Revised Statutes Chapter 399-G. Furthermore, the bond protects the money transmitter and any person damaged by violation of Chapter 399-G.
The required amount for the New Hampshire Money Transmitter Bond is $100,000.
The New Hampshire Money Transmitter Bond is continuous in nature; however the Surety may cancel the bond at any time with 30 days’ written notice to the Bank Commissioner prior to the date of cancellation.
In addition to the New Hampshire Money Transmitter Bond, the following license application requirements must be fulfilled through the Nationwide Multistate Licensing System:
- License/Registration Fee- $500
- Credit Report for Control Persons- $15
- FBI Criminal Background Check for MU2 Individual
- Registration of Authorized Delegates- $25 per location
- Submission of Company Form (MU1)
- Financial Statements
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Non-Primary Contact Employees
- Approvals and Designations
- Disclosure Questions
- Control Person (MU2) Attestation
- Credit Report
- MU2 Individual FBI Criminal Background Check Requirements
- AML/BSA Policy
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Company Staffing and Internal Policies
- Document Samples
- Formation Documents
- Management Chart
- Organizational Chart/Description
- Affirmation Form
- Form U-2, Uniform Consent to Service of Process
- Authorized Delegates
- Business Transacted Prior to Licensure
CLICK HERE for more information from the New Hampshire Banking Department.
Apply for your New Hampshire Money Transmitter Bond.
New Jersey
The New Jersey Money Transmitter/Foreign Money Transmitter Bond is required by the Commissioner of Banking and Insurance of New Jersey.
According to the New Jersey Money Transmitter Act, N.J.S.A 17:15C-1 et seq., a money transmitter is a person who:
- Engages in the business of the sale or issuance of payment instruments for a fee, commission, or other benefit.
- Receiving money for transmission or transmitting money to a location by all means including payment instrument, wire, facsimile, electronic transfer, or otherwise for a fee, commission, or other benefit
- Receiving money for obligors for the purpose of paying obligors’ bills, invoices, or accounts for a fee, commission, or other benefit paid by the obligor
Any person wishing to perform the above services in New Jersey must be licensed. One of the licensing requirements is obtaining a Surety Bond. The New Jersey Money Transmitter/Foreign Money Transmitter Bond ensures that the money transmitter will faithfully comply with all provisions of the New Jersey Money Transmitter Act. Furthermore, the bond protects the money transmitter and any person damaged by violation of said Act.
The required amount for the New Jersey Money Transmitter/Foreign Money Transmitter Bond is $25,000 for a foreign money transmitter and $100,000 for a money transmitter.
The New Jersey Money Transmitter/Foreign Money Transmitter Bond continuous in nature; however the bond may be cancelled by the Surety at any time with 30 days’ written notice to the Commissioner of Banking and Insurance of New Jersey prior to the cancellation date.
In addition to the New Jersey Money Transmitter/Foreign Money Transmitter Bond, the following license application requirements must be fulfilled through the New Jersey Department of Banking and Insurance:
- Type of Business
- Name and address of applicant
- Other Trade Name
- Principal Business Address
- Name and addresses of officers, members, partners, and sole proprietors
- Name and addresses of directors
- Name and addresses of stockholders that own more than 10% of stock in the business
- Registered Agent
- Date and place of incorporation
- Criminal record
- Personal Certification
CLICK HERE for more information from the State of New Jersey Department of Banking & Insurance.
Apply for your New Jersey Money Transmitter Bond.
New Mexico
The New Mexico Uniform Money Services Businesses Surety Bond is required by the New Mexico Regulation & Licensing Department Financial Institutions Division.
According to the New Mexico Uniform Money Services Act, NMSA Section 58-32-101 et seq., money transmission is the business of selling or issuing payment instruments, stored value or receiving money or monetary value for transmission. Any person wishing to engage in such business in the State of New Mexico must be licensed. All license applicants must obtain and file a Surety Bond. The New Mexico Uniform Money Services Businesses Surety Bond ensures that the money transmitter will faithfully comply with all provisions of the New Mexico Uniform Money Services Act. Furthermore, the bond provides compensation for any person damaged by violation of said Act.
The required amount for the New Mexico Uniform Money Services Businesses Surety Bond is $300,000 or an amount to 1% of the money transmitter’s total or projected yearly money transmission volume, up to a maximum of $2,000,000.
The New Mexico Uniform Money Services Businesses Surety Bond is continuous in nature; however, the Surety my cancel the bond at any time with 30-days’ written notice to the Director of the Financial Institutions Division of the Regulation and Licensing Department prior to the date of cancellation.
In addition to obtaining a New Mexico Uniform Money Services Businesses Surety Bond, all money transmitter license applicants must fulfill the following requirements through the Nationwide Multistate Licensing System:
- License/Registration Fee- $2,000
- Application Fee-$2,000
- Credit Report for Control Persons- $15
- New Mexico Authorized Delegate Fee
- NMLS Uniform Authorized Agent Reporting Annual Processing Fee
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Approvals and Designation
- Bank Account
- Disclosure Questions
- Control Person (MU2) Attestation
- Credit Report
- AML/BSA Policy
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Document Samples
- Formation Documents
- Management Chart
- Organizational Chart/Description
- Credit Report Explanations
Apply for your New Mexico Money Transmitter Bond.
New York
There are two types of New York Money Transmitter Bonds: a New York Traveler’s Check Bond, and a New York Instruments Bond:
New York Traveler’s Check Bond
The New York Traveler’s Check Bond is required by the Superintendent of Financial Services of the State of New York.
According to Article 13-B Section 641 of the Banking Law of the State of New York, all persons wishing to engage in the business of selling or issuing checks must obtain a license. All license applicants must file a Surety Bond. The New York Traveler’s Check Bond ensures that the money transmitter will faithfully comply with the provisions of Article 13-B. Furthermore, the bond provides compensation for any person damaged by violation of said Article.
The required amount for the New York Traveler’s Check Bond is $750,000.
The New York Traveler’s Check Bond is continuous in nature; however, the Surety may cancel the bond at any time with written notice to the Superintendent of Financial Services.
In addition to obtaining and filing a New York Traveler’s Check Bond, all money transmitter license applicants must fulfill the following requirements through the Nationwide Multistate Licensing System:
- Application Fee- $3,000
- Credit Report for Control Persons- $15
- Uniform Authorized Agent Reporting Annual Processing Fee
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Non-Primary Contact Employees
- Approvals and Designation
- Bank Account
- Disclosure Questions
- Chief Compliance Officer
- Control Person (MU2) Attestation
- Credit Report
- AML/BSA Policy
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Agent and Correspondent Policies
- Document Samples
- Flow of Funds Structure
- Formation Documents
- Management Chart
- Organizational Chart/Description
- Permissible Investments
- Permissible Investments Affidavit
- Credit Report Explanations
- Legal Name/Status Documentation
- Personal Financial Statement
- Authority to Release Information
New York Instruments Bond
The New York Instruments Bond is required by the New York Superintendent of Financial Services.
According to Article 13-B of the Banking Law of the State of New York, all persons wishing to engage in the business of selling or issuing checks must obtain a license. All license applicants must file a Surety Bond. The New York Intruments Bond ensures that the money transmitter will faithfully comply with the provisions of Article 13-B. Furthermore, the bond provides compensation for any person damaged by violation of said Article.
The required amount for the New York Instruments Bond is $500,000.
The New York Instruments Bond is continuous in nature; however, the Surety may cancel the bond at any time with written notice to the Superintendent of Financial Services.
In addition to obtaining and filing a New York Instruments Bond, all money transmitter license applicants must fulfill the following requirements through the Nationwide Multistate Licensing System:
- Application Fee- $3,000
- Credit Report for Control Persons- $15
- Uniform Authorized Agent Reporting Annual Processing Fee
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Non-Primary Contact Employees
- Approvals and Designation
- Bank Account
- Disclosure Questions
- Chief Compliance Officer
- Control Person (MU2) Attestation
- Credit Report
- AML/BSA Policy
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Agent and Correspondent Policies
- Document Samples
- Flow of Funds Structure
- Formation Documents
- Management Chart
- Organizational Chart/Description
- Permissible Investments
- Permissible Investments Affidavit
- Credit Report Explanations
- Legal Name/Status Documentation
- Personal Financial Statement
- Authority to Release Information
CLICK HERE for more information from the State of New York, Department of Financial Services.
Apply for either New York Money Transmitter Bond. Note: you will have the ability to manually enter your specific bond type on this application.
North Carolina
The North Carolina Money Transmitters Act Surety Bond is required by the North Carolina Office of the Commissioner of Banks.
According to the North Carolina Money Transmitters Act, G.S. Section 53-208.41 et seq., money transmission is the business of engaging in:
- The sale or issuance of payment instruments or stored value primarily for personal, family, or household purposes or
- Receiving money or monetary value for transmission or holding funds incidental to transmission by all means including payment instrument, stored value, wire, facsimile, or electronic transfer, primarily for personal, family, or household purposes
Any person wishing to engage in such business in the State of North Carolina must be licensed. All license applicants must obtain and file a Surety Bond. The North Carolina Money Transmitters Act Surety Bond ensures that the money transmitter will faithfully comply with all provisions of the North Carolina Money Transmitters Act. Furthermore, the bond provides compensation for any person damaged by violation of said Act.
The required amount for the North Carolina Money Transmitters Act Surety Bond depends on the licensee’s money transmission volume in a 12-month period:
- A money transmission volume of $0 to $1,000,000 requires a $150,000 Surety Bond.
- A money transmission volume of $1,000,001 to $5,000,000 requires a $175,000 Surety Bond.
- A money transmission volume of $5,000,001 to $10,000,000 requires a $200,000 Surety Bond.
- A money transmission volume of $10,000,001 to $50,000,000 requires a $225,000 Surety Bond.
- A money transmission volume of more $50,000,000 requires a $250,000 Surety Bond.
The North Carolina Money Transmitters Act Surety Bond is continuous in nature; however, the bond may be cancelled by the Surety at any time with 90 days’ written notice to the Commissioner prior to the date of cancellation.
In addition to the North Carolina Money Transmitters Act Surety Bond, all money transmitters’ license applicants must complete the following requirements through the Nationwide Multistate Licensing System:
- Application Fee- $1,500
- Credit Report for Control Persons- $15
- FBI Criminal Background Check for MU2 Individual
- Uniform Authorized Agent Reporting Annual Processing Fee
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Approvals and Designation
- Bank Account
- Disclosure Questions
- Control Person (MU2) Attestation
- Credit Report
- MU2 Individual FBI Criminal Background Check Requirements
- AML/BSA Policy
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Document Samples
- Flow of Funds Structure
- Formation Documents
- Management Chart
- Organizational Chart/Description
- Permissible Investments
- Credit Report Explanations
- Verification of Experience
- Information Technology Questionnaire
CLICK HERE for more information from the North Carolina Commissioner of Banks.
Apply for your North Carolina Money Transmitter Bond.
North Dakota
The North Dakota Surety Bond for Money Transmitters is required by the North Dakota Department of Financial Institutions.
According to North Dakota Century Code Chapter 13-09, money transmission is the business of selling or issuing payment instruments, stored value, or of receiving money or monetary value for transmission to another location by all means including wire, facsimile, or electronic transfer. Any person wishing perform such services in the State of North Dakota must be licensed. All license applicants must obtain and file a Surety Bond. The North Dakota Surety Bond for Money Transmitters ensures that the money transmitter will faithfully comply with all provisions of North Dakota Century Code Chapter 13-09. Furthermore, the bond provides compensation to any person damaged by violation of such Chapter.
The required amount for the North Dakota Surety Bond for Money Transmitters is $150,000. However, the Commissioner of the Department of Financial Institutions may increase the required amount up to a maximum of $500,000.
The North Dakota Surety Bond for Money Transmitters is continuous in nature; however, the bond may be cancelled by the Surety at any time with 30-days’ written notice to the North Dakota Department of Financial Institutions prior to the effective cancellation date.
In addition to obtaining and filing a North Dakota Surety Bond for Money Transmitters, all money transmitter license applicants must complete the following requirements through the Nationwide Multistate Licensing System:
- License/Registration Fee- $400
- Application Fee- $450
- Initial Processing Fee- $100
- Credit Report for Control Persons- $15
- FBI Criminal Background Check for MU2 Individual
- Uniform Authorized Agent Reporting Annual Processing Fee
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Bank Account
- Disclosure Questions
- Qualifying Individual
- Control Person (MU2) Attestation
- Credit Report
- MU2 Individual FBI Criminal Background Check Requirements
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Document Samples
- Flow of Funds Structure
- Management Chart
- Organizational Chart/Description
- Permissible Investments
- Personal Financial Statement
CLICK HERE for more information from the North Dakota Department of Financial Institutions.
Apply for your North Dakota Money Transmitter Bond.
Ohio
The Ohio Money Transmitter Surety Bond is required by the Ohio Superintendent of the Ohio Division of Financial Institutions.
According to Ohio Revised Code Chapter 1315, money transmission is receiving money or its equivalent from a person to deliver, pay, or make accessible to another person, whether or not a payment instrument is used. Money transmission can also include the sale of checks and other payment instruments. Any person wishing to perform the above services in the State of Ohio must be licensed. All license applicants must obtain and file a Surety Bond. The Ohio Money Transmitter Surety Bond ensures that the money transmitter will faithfully comply with all provisions of Ohio Revised Code Chapter 1315. Furthermore, the bond protects the money transmitter and any person damaged by violation of said Chapter.
The required amount for the Ohio Money Transmitter Surety Bond is $300,000.
The Ohio Money Transmitter Surety Bond is continuous in nature; however, the bond may be cancelled by the Surety at any time with 30-days’ written notice to the Superintendent of Financial Institutions prior to the cancellation date.
In addition to obtaining and filing the Ohio Money Transmitter Surety Bond, all money transmitter license applicants must complete the following requirements through the Nationwide Multistate Licensing System:
- Application Fee- $5,000
- FBI Criminal Background Check for MU2 Individual
- Uniform Authorized Agent Reporting Annual Processing Fee
- Submission of Company Form (MU1)
- Audited Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contract Employees
- Non-Primary Contact Employees
- Approvals and Designation
- Bank Account
- Disclosure Questions
- Control Person (MU2) Attestation
- MU2 Individual FBI Criminal Background Check Requirements
- AML/BSA Policy
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Company Staffing and Internal Policies
- Flow of Funds Structure
- Formation Documents
- Management Chart
- Organizational Chart/Description
- Verification of Experience
- State Background Check
- Parent Financial Statement
- Virtual Currency
- Confidential Treatment Request
CLICK HERE for more information from the Ohio Department of Commerce.
Apply for your Ohio Money Transmitter Bond.
Oklahoma
The Oklahoma Money Transmitter Surety Bond is required by the Oklahoma State Banking Department.
According to the Nationwide Multistate Licensing System (NMLS), any company receiving money for transmission by any means through a financial agency or institution, a Federal Reserve Bank or other facility of one or more Federal Reserve Banks, the Board of Governors of the Federal Reserve System or both, or any other electronic network by which money or its value may be transmitted, must be licensed in to conduct value in the State of Oklahoma.
All license applicants must obtain and file a Surety Bond. The Oklahoma Money Transmitter Surety Bond ensures that the money transmitter will faithfully comply with all provisions of the Oklahoma Financial Transaction Reporting Act. Furthermore, the bond protects the money transmitter and any person damaged by violation of said Act.
The required amount for the Oklahoma Money Transmitter Surety Bond depends on the business activities:
- The required bond amount is $50,000, plus $10,000 per location of each authorized delegate
- The required bond amount is $500,000 for money transmission and sale of check activities
- The required bond amount is $200,000 for money transmission services through electronic means
The Oklahoma Money Transmitter Surety Bond is continuous in nature; however, the bond may be cancelled by the Surety at any time with 30 days’ written notice to the Oklahoma Banking Commissioner prior to the effective cancellation date.
In addition to obtaining an Oklahoma Money Transmitter Surety Bond, all license applicants must complete the following requirements through NMLS:
- Other Trade Name
- Resident/Registered Agent
- Bank Account
- Qualifying Individual
- MU2 Individual FBI Criminal Background Check Requirements
- Disclosure Questions
- Financial Statements
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Document Samples
- Management Chart
- Organizational Chart/Description
- FinCEN Registration
- AML Program
- AML Policies and Procedures
CLICK HERE for more information from the Oklahoma Banking Department.
Apply for your Oklahoma Money Transmitter Bond.
Oregon
The Oregon Money Transmitter Bond is required by the Oregon Department of Consumer & Business Services, Division of Finance & Corporate Securities.
According to Oregon Revised Statutes Chapter 717, money transmission is the business of selling or issuing payment instruments or engaging in the business of receiving money for transmission, or transmitting money by all means including payment instrument, wire, facsimile, or electronic transfer. Any person wishing to engage in such business in the State of Oregon must be licensed. All license applicants must obtain a Surety Bond. The Oregon Money Transmitter Bond ensures that the money transmitter will faithfully comply with all provisions of Oregon Revised Statutes Chapter 717. Furthermore, the bond protects the money transmitter and any person damaged by violation of said Chapter.
The required amount for the Oregon Money Transmitter Bond is $25,000 plus $5,000 for each business location, up to a maximum of $150,000.
The Oregon Money Transmitter Bond is continuous in nature; however, the bond may be cancelled at any time with 30 days written notice to the Department of Consumer and Business Services, Division of Finance and Corporate Securities prior to the effective date of cancellation.
In addition to obtaining an Oregon Money Transmitter Bond, all money transmitter license applicants must fulfill the following requirements through the Nationwide Multistate Licensing System:
- Application Fee- $1,000
- Credit Report for Control Persons- $15
- Uniform Authorized Agent Reporting Annual Processing Fee
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Approvals and Designation
- Disclosure Questions
- Control Person (MU2) Attestation
- Credit Report
- AML/BSA Policy
- Business Plan
- Certificate of Authority/Good Standing Certificate
- Document Samples
- Flow of Funds Structure
- Formation Documents
- Management Chart
- Organizational Chart/Description
- Permissible Investments
- Credit Report Explanations
- State Background Check Authorization
CLICK HERE for more information from the State of Oregon.
Apply for your Oregon Money Transmitter Bond.
Pennsylvania
The Pennsylvania Money Transmitters Bond is required by the Pennsylvania Department of Banking and Securities.
According to the Pennsylvania Money Transmitter Act, all persons wishing to engage in the business of money transmitting in the Commonwealth of Pennsylvania must be licensed. All license applicants must obtain and file a Surety Bond. The Pennsylvania Money Transmitters Bond ensures that the money transmitter will faithfully comply with the Pennsylvania Money Transmitter Act. Furthermore, the bond provides compensation for any person damaged by violation of said Act.
The required amount for the Pennsylvania Money Transmitters Bond is $1,000,000.
The Pennsylvania Money Transmitters Bond is continuous in nature; however, the bond may be cancelled by the Surety at any time with 30 days’ written notice to the Secretary of Banking and Securities of the Commonwealth of Pennsylvania.
In addition to obtaining the Pennsylvania Money Transmitters Bond, all license applicants must fulfill the following requirements through the Nationwide Multistate Licensing System:
- License/Registration Fee- $5,000
- Credit Report for Control Persons- $15
- Uniform Authorized Agent Reporting Annual Processing Fee
- Pennsylvania State Police Criminal History Background Check
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agent Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Non-Primary Contact Employees
- Books and Records Location
- Approvals and Designation
- Bank Account
- Disclosure Questions
- Qualifying Individual
- Control Person (MU2) Attestation
- Credit Report
- AML/BSA Policy
- Business Plan
- Certificate of Authority/Foreign Registration Statement
- Company Staffing and Internal Policies
- Document Samples
- Flow of Funds Structure
- Formation Documents
- Management Chart
- Organizational Chart/Description
- Agent Review and Training
- Agent Written Agreement
- Money Transmitting Business
- Company Tax Certification
- Individual Memorandum of Tax Certification
- Criminal Background History Check
- FBI Criminal Background Check
- Third Party Investigatory Background Checks
CLICK HERE for more information from the Pennsylvania Department of Banking and Securities.
Apply for your Pennsylvania Money Transmitter Bond.
Rhode Island
Money transmitters do not need to be licensed in this state.
South Carolina
The South Carolina Money Transmitter Bond is required by the South Carolina Attorney General.
According to South Carolina Code of Laws Chapter 11, the business of money transmission includes selling or issuing payment instruments, stored value, or receiving money or monetary value for transmission. Any person wishing to engage in such business in the State of South Carolina must be licensed. All license applicants must obtain and file a Surety Bond. The South Carolina Money Transmitter Bond ensures that the money transmitter will faithfully comply with the South Carolina Anti-Money Laundering Act. Furthermore, the bond provides compensation for any person damaged by violation of said Act.
The required amount for the South Carolina Money Transmitter Bond is $50,000, plus $10,000 for each additional business location up to a maximum of $250,000.
The South Carolina Money Transmitter Bond is continuous in nature; however, the bond may be cancelled at any time by the Surety.
In addition to the South Carolina Money Transmitter Bond, all money transmitter license applicants must fulfill the following requirements through the Nationwide Multistate Licensing System:
- License/Registration Fee- $750
- Application Fee- $1,500
- Credit Report for Control Persons- $15
- FBI Criminal Background Check for MU2 Individual
- Uniform Authorized Agent Reporting Annual Processing Fee
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agents Locations
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Approvals and Designation
- Bank Account
- Disclosure Questions
- Control Person (MU2) Attestation
- Credit Report
- MU2 Individual FBI Criminal Background Check Requirements
- AML/BSA Policy
- Business Plan
- Certificate of Authority/Good Standing Certificates
- Document Samples
- Flow of Funds Structure
- Formation Documents
- Management Chart
- Organizational Chart/Description
- Permissible Investments
- Credit Report Explanations
- Third Party Background Checks
- Financial Statements of Parent Company
- Confidential Treatment Request
Click here for more information from the South Carolina Attorney Generals Office.
Apply for your South Carolina Money Transmitter Bond.
South Dakota
The South Dakota Money Transmitter Surety Bond is required by the South Dakota Division of Banking.
According to the South Dakota Codified Laws Chapter 51A-17, money transmission is the business of the sale or issuance of payment instruments or stored value or of receiving money or monetary value for transmission by any means including wire, facsimile, or electronic transfer. Any person wishing to conduct such business in the State of South Dakota must be licensed. All money transmitter license applicants must obtain a Surety Bond. The South Dakota Money Transmitter Surety Bond ensures that the money transmitter will faithfully comply with all provisions of South Dakota Codified Laws Chapter 51A-17. Furthermore, the bond protects the money transmitter and any person damaged by violation of said Chapter.
The required amount for the South Dakota Money Transmitter Surety Bond is $100,000.
In addition to the South Dakota Money Transmitter Surety Bond, all license applicants must fulfill the following requirements through the National Multistate Licensing System:
- Other Trade Name
- Resident/Registered Agent
- Bank Account
- Disclosure Questions
- Authorized Agents Locations
- Financial Statements
- Business Plan
- AML/BSA Policy
- Certificate of Authority/Good Standing Certificate
- Document Samples
- Formation Document
- Management Chart
- Organizational Chart/Description
- Trust Account Authorization
- Permissible Investments
- Company Staffing and Internal Policies
- MU2 Individual FBI Criminal Background Check Requirements
- Background Investigation
- Filings
CLICK HERE for more information from the South Dakota Department of Labor and Regulation.
Apply for your South Dakota Money Transmitter Bond.
Tennessee
The Tennessee Money Transmitter Bond is required by the Commissioner of Financial Institutions.
According to Tennessee Code Annotated Section 45-7-203, the business of money transmission includes the sale or issuance of payment instruments or engaging in the business of receiving money for transmission or transmitting money by any means including payment instrument, wire, facsimile, or electronic transfer. Any person wishing to engage in such business in the State of Tennessee must be licensed. All license applicants must obtain and file a Surety Bond. The Tennessee Money Transmitter Bond ensures the money transmitter’s faithful compliance with all provisions of Tennessee Code Annotated Section 45-7. Furthermore, the bond provides compensation for any person damaged by violation of said Section.
The required amount for the Tennessee Money Transmitter Bond is $50,000. The bond amount increases by $10,000 for each additional business location up to a maximum of $800,000.
The Tennessee Money Transmitter Bond is continuous in nature; however, the bond may be cancelled by the Surety at any time with 30 days’ written notice to the Commissioner of Financial Institutions prior to the effective cancellation date.
In addition to the Tennessee Money Transmitter Bond, all license applicants must fulfill the following requirements through the Nationwide Multistate Licensing System:
- License/Registration Fee- $250
- Submission of Company Form (MU1)
- Financial Statements
- Other Trade Name
- Resident/Registered Agent
- Primary Contact Employees
- Non-Primary Contact Employees
- Bank Account
- Disclosure Questions
- Qualifying Individual
- Control Person (MU2)
- AML/BSA Policy
- Business Plan
- Flow of Funds Structure
- Formation Documents
- Certificate of Authority/Good Standing Certificate
- Qualification to do Business in Tennessee
- Document Samples
- Company Staffing and Internal Policies
- Management Chart
- Organizational Chart/Description
- Permissible Investment Controls
- Business Locations
CLICK HERE for more information from the Tennessee Department of Financial Institutions.
Apply for your Tennessee Money Transmitter Bond.
Texas
The Texas Money Services Bond is required by the Texas Department of Banking.
The Texas Finance Code defined money transmission as
- issuing or selling prepaid access cards and instruments such as checks, money orders, and traveler’s checks;
- receiving money for transmission;
- providing third-party bill paying services;
- transporting currency;
- accelerated payment programs or
- currency exchange
Please note that there are two types of licenses and there is a separate application for each. A money transmission license is for those engaged with the activities described above, while the money services business license is only for those in the business of currency exchange. The latter’s license is applied at the Texas Department of Banking while the former needs to be applied at the Nationwide Multistate Licensing System.
A Texas Money Services Bond is required whether you are applying for a money services business license or a money transmission license. There is a difference with the amount though. You will only need a $2,500 Money Services Bond for the Money Services Business License, while for the Money Transmission License, the amount of the Money Services Bond is the greater of $300,000 or an amount equal to one percent of the license holder’s total yearly dollar volume of money transmission business in the state of the projected volume of business in the first year, with the maximum amount up to $2 million.
Along with the Texas Money Services Bond, the following are the general requirements for a license application:
- Payment of application fee: $10,000 for money transmission/ $5,000 for money services business
- Submission of Company Form MU1
- Financial statements
- Interim Financials
- Resident/Registered Agent
- Primary Contact Employees
- Bank account information
- Disclosure questions
- Qualifying individuals
- Control person attestation
- Credit report
- Individual FBI Criminal Background Check
- AML/BSA Policy
- Business Plan
- Flow of Funds Structure
- Formation Documents
- Certificate of Authority/Good Standing Certificate
- Trust (Statutory)
- Qualification to do Business in Tennessee
- Document Samples
- Company staffing and internal policies
- Management Chart
- Organizational Chart/Description
Apply for your Texas Money Transmitter Bond.
Utah
The Utah Money Transmitter Bond is required by the Utah Department of Financial Institutions in compliance with the Rule 331-14 of the Utah Administration Code along with other Utah state laws. This bond is required for all who wish to be in the business of money transmission in the state of Utah.
The Utah Money Transmitter Act defines money transmission as 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.
All applicants for the Money Transmitter license will need to apply through the Nationwide Mortgage Licensing System and one of the most important requirements that need to be given is a surety bond. The electronic surety bond is in the amount of at least $50,000 and submitted by a surety company authorized to conduct business in the state of Utah. A payment of $300 is also needed for the registration fee.
All who wish to apply must also submit the following:
- Uniform Authorized Agent Reporting Annual Processing Fee
- Submission of Company Form MU1
- Financial Statements
- Authorized Agents Location
- Resident/Registered Agent
- Primary Contact Employees
- Disclosure questions
- Control Person Attestation
- AML/BSA Policy
- Business plan
- Certificate of Authority/Good Standing Certificate
- Document samples
- Organizational Chart
Click here for more information from the Utah Dept. of Finance.
Apply for your Utah Money Transmitter Bond.
Vermont
The Vermont Money Transmitter Bond is required by the Vermont Department of Financial Regulation for all those who would like to be licensed as a money transmitter.
Money transmission, according to the Vermont Statutes Title 8 Chapter 79, means to engage in the business of selling or issuing payment instruments, selling or issuing stored value, or receiving money or monetary value for transmission to a location or outside the United States.
All who wish to be in this business must adhere to the requirements set by the department, including not having been convicted of a felony or have a record of defaulting int he payment of money collected for others. Money transmitters are also required to submit a surety bond, with a minimum amount of $100,000 and increasing by $10,000 for every location, up to a maximum of $500,000. This bond ensures that the money transmitter will faithfully comply with the regulations for all who practice their profession.
The license will allow the money transmitter to do 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 (including virtual currency)
- Selling prepaid access/stored value (including virtual currency)
- Check cashing
- Foreign currency dealing or exchanging
In addition to the Vermont Money Transmitter Bond, the following requirements must be submitted via the Nationwide Multistate Licensing System:
- Payment of the license and application fee totaling to $1,500.
- Submission of company form MU
- Financial statements
- Authorized Agents Locations
- Registered agents
- Primary contact employees
- Approvals and designation
- Bank account
- Disclosure questions
- Direct owners/Executive Officers
- Indirect owners
- Qualifying individuals
- MU2 Attestation
- Credit report
- MUS Individual FBI Criminal Background Check
Apply for your Vermont Money Transmitter Bond.
Virginia
The Virginia Money Transmitter Bond is required by the Bureau of Financial Institutions, State Corporation Commission for all who wish to be in the business of money transmission. The surety complies with what is stated on the Code of Virginia 6.201904 that requires that a surety bond satisfactory for the Commissioner should accompany the application for a license. The bond ensures that the licensee will perform its obligations while following the regulations set by the state.
According to the Code of Virginia Title 6.2 Chapter 19, money transmission means receiving money or monetary value for transmission by wire facsimile, electronic means or other means or selling or issuing stored value.
To be licensed in Virginia, applicants must not only submit an application form but also a surety bond. The amount of the bond is determined by the Commission but it should not be less than $25,000 or more than $500,000. This will be based on the applicant’s financial condition, capitalization, projected Virginia monthly money order sales and/or money transmission volume, experience, and other factors deemed pertinent.
Additional requirements to be submitted during your license application:
- Personal Financial Report and Disclosure Statement
- Limited Personal Financial Report and Disclosure Statement
- Deposit Agreement Under Virginia Code Title 6.2, Chapter 19 (Money Order Sales)
- Depository Institution Authorization Form
- Employment and Business Affiliation Disclosure Form
- Criminal History Records Consent and Fingerprinting Instructions
Click here to read more from the Virginia State Corporation Commission.
Apply for your Virginia Money Transmitter Bond.
Washington
The Washington Money Transmitter Bond is required by the Washington State Department of Financial Institutions. The surety bond amount complies with the RCW 10.230.050 which states that each licensee must maintain a surety bond in an amount based on the previous year’s money transmission dollar volume. The minimum bond amount is at $10,000 and the maximum is at $500,000. The surety bond ensures the state that the licensee will conduct its business complying with the regulations set by the state.
The Revised Code of Washington 19.230.010 defines Money Transmission as receiving money or its equivalent value (equivalent value includes virtual currency) to transmit, deliver, or instruct to be delivered to another location, inside or outside the United States, by any means including but not limited to by wire, facsimile, or electronic transfer. This includes selling, issuing, or acting as an intermediary for open-loop prepaid access and payment instruments, but not closed loop prepaid access.
A Washington Money Transmitter Surety Bond is one of the prerequisites for the license application. Aside from that, the applicant must have a tangible net worth of at least $10,000 for every one million dollars of money transmission. They must also be registered as a Money Service Business with the US Treasury Department within 180 days of operations, must have a Master Business License issued by the Washington State Department of Revenue.
In addition to the Washington Money Transmitter Bond, the applicant will also need to submit the following requirements via the Nationwide Multistate Licensing System:
- Supporting documents for any “Yes” answers to disclosure questions
- Financial Statements
- Business Plan
- Management Chart
- Organizational Chart
- Authorize a credit report for individuals in a position of control
- Company New Application Checklist
- Proof of citizenship or proof of employment eligibility for the Responsible Individual if born outside of the United States
- Fingerprint card: Required for the Responsible Individual. Required for each executive officer, board director, or person that has control of the applicant unless the applicant or its corporate parent is a publicly traded entity.
- Anti Money Laundering Program registration
- List of Countries transmitting money to and from
- Assessment Tracking for Washington business
- Authorized Delegate information if applicable
Click here to learn more from the Washington Dept. of Financial Institutions.
Apply for your Washington Money Transmitter Bond.
West Virginia
The West Virginia Money Transmitter Bond is required by the West Virginia Department of Financial Institutions for all who wish to be in the currency transmission or money transmission business. The amount for the Bond or alternative Deposit of Securities required is $300,000 for Money Transmission by Wire or other electronic means plus an additional $25,000 for each authorized delegate office in the state up to a maximum of $1 million dollars.
The state defines money transmission as engaging in the business of selling or issuing checks or the business of receiving currency for the purpose of transmitting the currency or its equivalent by wire, facsimile, or other electronic means, or through the use of a financial institution, financial intermediary, the federal reserve system, or other funds transfer network. It also includes the transmission of funds through the issuance and sale of stored value cards which are intended for general acceptance and use in commercial or consumer transactions.
The license fee application may be done through the Nationwide Multistate Licensing System. Aside from the surety bond mentioned above, the following requirements must also be met.
- Payment of all the fees including $1,000 for the License registration fee, $100 for the NMLS processing fee, $15 Credit report fee for each control person and $36.26 FBI Criminal Background Check Authorization Fee for each control person
- WV Secretary of State registration of other trade name
- Authorized agents location
- Secretary pf State documentation such as Articles of Incorporation, Articles of Organization and Operating Agreement, or Partnership Agreement, if applicable
- Certificate of Authorization of Certificate of Good Standing
- Business registration
- Contact individuals – examination and compliance
- Bank account information
- Authorized delegate fee
- Resident/Registered agent
- Credit report
- Release form
- MU2 Individual FBI Criminal Background Check Requirements
- Disclosure questions
- Financial statements
- Business plan
- Management charts
- Organizational chart/description
Click here to learn more from the West Virginia Dept. of Institutions.
Apply for your West Virginia Money Transmitter Bond.
Wisconsin
The Wisconsin Money Transmitter Bond is required by the State of Wisconsin Department of Financial Institutions. This is to comply with the Wisconsin Statutes under Chapter 217 of the Seller of Checks Law that states that all applicants for the license must present a surety bond. This surety bond should be in the minimum principal sum of $10,000 for the first location. Each new location must add $5,000 to the surety bond up to a maximum of $300,000. The surety bond, which must be mailed to the Wisconsin Department of Financial Institutions, ensures the state of the licensee’s compliance with all the set rules and regulations.
The Wisconsin Statutes defines a seller of checks as a person who, as a person who, as a service or for a fee or other consideration, engages in the business of selling and issuing checks or the receiving of money for transmission or the transmitting of money, or the transmitting of money to foreign countries.
No person can be in this business without first securing a license from the division. The application may be done through the National Multistate Licensing System. The following must be submitted to the NMLS website for the processing of the license application.
- Payment of $500 for the Licensing fee, and $300 for the Non-refundable Investigation fee.
- Uniformed Authorized Agent Reporting Annual Processing Fee
- Submission of Company Form (MU1)
- Financial Statements
- Authorized Agents location
- Resident/Registered Agent
- Primary Contact Employees
- Bank account information
- Disclosure questions
- Control person attestation
- Business plan
- Certificate of Status/ Certificate of Good Standing
- Document Samples
- Flow of Funds Structure
- Organizational Chart
Click here to learn more from the Wisconsin Dept. of Financial Institutions.
Apply for your Wisconsin Money Transmitter Bond.
Wyoming
The Wyoming Transmitter Bond is required by the Wyoming Division of Banking for all who wish to engage in the business of money transmission. The surety bond amount is set by the commissioner in the amount of $10,000 or two and one-half times the outstanding payment instruments, whichever is greater.
“Money transmission” as defined in the Wyoming Money Transmitters Act, means to engage in business to sell or issue payment instruments, stored value or receive money or monetary value for transmission to a location within or outside the United States by any and all means, including but not limited to wire, facsimile or electronic transfer.
The license allows the licensee to do 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
- Foreign currency dealing or exchange
- Other – money
Application for the license is done through the Nationwide Multistate Licensing System. In addition to the $10,000 Wyoming Money Transmitter Bond, the following requirements must also be submitted:
Please take note of the fees that must be paid, including $1,500 for the processing fee and license fee. There is also a separate $15 for a credit report and another $39 for the background check fee. Please refer to the list below for other requirements that must be met.
- Fees: a $1,500 processing fee, a $15 fee per credit report and a $39 for each background check
- Submission of Company Form (MU1)
- Financial statements
- Authorized agents
- Other trade name
- Primary Contact Employees
- Bank account information
- Disclosure questions
- Control Person Attestation
- Credit report
- MU2 Individual FBI Criminal Background Check
- Business Plan
- Certificate of Authority/ Good Standing Certificate
- Document samples
- Management Chart
- Organizational chart
- Permissible Investments
- Formation documents
