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Arizona Money Transmitter Bond

July 31, 2018

Arizona Money Transmitter Bond | AmeriPro Surety Bonds | 844-589-9732


Arizona Money Transmitters and AmeriPro Surety Bonds:


AmeriPro Surety Bonds provides Arizona money transmitters bonds for those who are first getting licensed, and for those who are renewing an existing license and who need to update their surety bond.

The concentration for the article below is for those who are getting their first license.




Arizona Money Transmitters: Definition




Money transmitters are defined by the Arizona state legislature as those who are in the business of receiving monies for the purpose of transferring money to another party; those who are in the business of receiving money for the purpose of paying bills, debts, or an account; and those who meet the definition of a bank as described by federal law.




Arizona Money Transmitters: Jurisdiction




Arizona money transmitters are regulated by the Arizona Department of Financial Institutions .




Becoming Licensed in Arizona as a Money Transmitter:




Arizona applicants who wish to obtain a money transmitter license must comply with all of the following:

* They must complete an original application including a non-refundable application fee of $1,500;

*They must provide a biographical statement according to the form prescribed by the state.  Included in this biographical information are requests for disclosures regarding criminal, civil, and regulatory violations;

*Each branch for a money transmitter will have a branch application, along with a $500 fee for each branch. This, too, is a non-refundable fee.




Arizona Money Transmitters: License Renewals:




The annual license renewal fee is $500 and $25 for each additional branch. The license period runs from November 1st to October 31st.

Licenses may be renewed without penalty from September 15th through October 31st; and with penalty from November 1st through November 30th.




Arizona Money Transmitter Bond




In addition to the above, an Arizona money transmitter bond in the amount of $25,000 is required to be filed with the Department of Financial Institutions.




Arizona Money Transmitter Bond: Who this bond protects




The Arizona money transmitter bond is issued on behalf of the consumer and it protects the consumer from any acts, up to the $25,000 amount, of malfeasance, fraud, theft, and any other criminal activity a money transmitter may commit in the course of their business.

The surety bond, then, is not an insurance policy for the money transmitter company.

And, any claims paid by a surety bond company must be fully reimbursed by the money transmitter company including, any attorney costs, interests, and other fees.




Premium Cost of an Arizona Money Transmitter Bond




While the amount of an Arizona money transmitter bond required to be filed is $25,000, applicants will of course only pay a fraction of that amount.

The amount (premium) of the surety bond required will be contingent on the credit score of the applicant.

The surety bond is issued to run concurrent with the license and, therefore, renews annually.




Cost of an Arizona Money Transmitter Bond for Lower Credit Scores:




Applicants who currently have lower credit scores will unfortunately pay more for the surety bond.

That having been stated, AmeriPro Surety Bonds is committed ---we take it “personally” --- to make sure that you are given the best pricing available for your surety bond.

Our surety agency will work with you every step of the way towards getting bonded and you will not be treated as a “second class” customer.




About AmeriPro Surety Bonds




AmeriPro Surety Bonds is a surety bond-only business which dedicates itself to following the Golden Rule in our customer service relations.

We provide license and permit, contractor, and court surety bonds throughout Arizona.

We also provide surety bonds in all 50 states.

Contact AmeriPro Surety Bonds today for your Arizona money transmitter bond!