Colorado Money Transmitter Bond |
AmeriPro Surety Bonds | 844-589-9732
Money Transmitters – Colorado
The Colorado Division of Banking is the obligee for money transmitter businesses.
The Division’s address is:
Colorado Division of Banking
1560 Broadway, Suite 975
Denver, CO 80202
Contact Phone Number: 303-894-7575
As a condition of licensing and renewal licensing, your money transmitter business must also file the appropriate surety bond. Instructions, applications, and forms can be found on the state’s website.
Amount of Surety Bond Required
The Colorado money transmitter bond is a standard $1,000,000 surety bond required of all money transmitters in the state.
While the $1,000,000 surety bond is the standard, default surety amount, if you meet the provisions outlined under Rule MO-2, and approved by regulatory authorities, you may be allowed to furnish evidence of just a $250,000 surety bond.
The Division will be the one to determine whether or not you qualify.
Qualifying for this Surety Bond and the Estimated Premium
Qualifying for the Colorado money transmitter bond is done by:
- Completing a full surety bond application;
- Undergoing a standard business or personal credit check;
- Providing a financial statement;
- Providing additional information or explanations as requested.
Because of the bond’s large size, it will typically take longer to underwrite.
Applicants for the $1,000,000 surety bond amount may pay as little as $15,000 annually through our agency. Additionally, you will have the option for a prepayment of your surety bond for 2 or 3 years, thereby offering a savings over year to year renewal of your premium.
Applicants for the $250,000 surety bond amount may pay as little as $3750 annually. The same prepayment options exist for this surety bond amount.
The Purpose of Your Surety Bond Requirement
The purpose of your money transmitter bond is for the protection of the consumer and the Division.
The surety bond is a financial guarantee that you will be in compliance with all rules, statutes, and any future amendments concerning money transmitting within Colorado.
As principal of this surety bond, you are also the bond’s obligor, which means that you must indemnify the surety in the event that any claims are paid against your bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, fiduciary, and court bonds throughout Colorado.
Our agency also provides surety bonds nationwide.
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