Alabama sales of checks are regulated by the Alabama Money Transmission Act.
“Sale of checks” also includes those who offer debt management programs as defined by the Alabama Securities Commission.
The surety bond amount of sale of checks/money transmitters and businesses which offer debt management programs will be both the easiest and quickest part of your compliance with the licensing process.
The Alabama sales of checks bond is a minimum $10,000 surety bond. There is an additional $5000 surety bond required of each location. The bond has a maximum amount, regardless of the number of locations of a money transmitter, in the amount of $50,000.
Qualifying for this surety bond is by completion of an application (which can be completed over the phone with an agent), and payment of the premium. The premium will be 1% of the bond amount required.
What makes this surety bond’s process so quick is that there is no underwriter review nor credit inquiry involved; every applicant is approved. This means that after you have completed the application and paid the premium, our agency issues the bond immediately.
Once issued, a copy of the bond can be emailed to you. The original copy, which requires your signature as Principal, will follow in the mail.
Regardless of premium amount, you are also presented with the option to prepay your sale of check bond for 2 or 3 years. Prepayment allows you to delay the renewal frequency. It also offers you a savings over year to year renewal of your surety bond premium.
The purpose of this surety bond is a financial guarantee which ensures that you will be in compliance with all rules and regulations concerning the sale of check within Alabama. As principal for this surety bond you are responsible to indemnify the surety for any claims paid against your bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Alabama.
Our agency also provides surety bonds nationwide.
Please call us at the number below, or fill out our form and an agent will contact you shortly...