Arkansas Money Transmitter Bond |
AmeriPro Surety Bonds | 844-589-9732
Money Transmitters – Arkansas
The Arkansas money transmitter license, also known as a Money Services license, is granted by the state’s Securities Department.
After the purchase of your surety bond, it is filed through NMLS, the Nationwide Mortgage Licensing System.
The surety bond requirement is as follows:
- The Arkansas money transmitter bond is a minimum $50,000 surety bond;
- With an additional $10,000 surety bond requirement for each location after the first one;
- But, with a maximum amount of $300,000 surety.
Qualifying and the Premium
Applicants for the Arkansas money transmitter bond for the $50,000 surety bond amount are automatically approved. You will just complete an application — much of which we’ll take from you over the phone — and pay the premium of $750. The bond is issued to you immediately thereafter.
Please note: For the $50,000 surety bond amount, there is neither a credit check nor a review by an underwriter. The bond is issued to you immediately after payment of the premium.
For any amount above $50,000 (i.e. $60,000 to $300,000), you will complete the same application and undergo a credit review. Good credit will be required to be approved.
For surety bond amounts $100,000 and above, a financial statement will also be required. Upon approval with your good credit, you will pay 1.5% of the amount as premium, which is the same percentage as the $50,000 surety bond amount.
Premium Payment Options
The Arkansas money transmitter bond is issued for a standard one year period. Thereafter your surety bond and its premium both renew.
The option exists to prepay your bond for up to 3 years. You benefit in two ways:
- Prepayment of the premium allows you to lengthen the time between renewals.
- Prepayment of your premium gives you a savings over renewing your bond each year.
Using the $50,000 surety bond amount as an example, the premium prepayment options are as follows:
- If prepaid for 2 years, the premium is $1350, a $150 savings;
- If prepaid for 3 years, the premium is $1950, a $300 savings.
Other money transmitter surety bond amounts will have the same proportional savings.
Purpose of Your Surety Bond Requirement
The surety bond requirement is a financial guarantee of your compliance with the Uniform Money Services Act, and any subsequent amendments to this law.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Arkansas. We are also a nationwide surety bonding agency.
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