The Connecticut money transmitter bond is required in one of three amounts - $300k - $500k -or $1 million. If you are approved, you will only pay 1.5% annually in premium. Please call AmeriPro Sruety Bonds today at 844-589-9732.
The Connecticut Department of Banking is the state regulatory body which oversees money transmitters businesses. The filing of the license and other requirements are accomplished through NMLS, the Nationwide Mortgage Licensing System.
A prerequisite for licensing is that evidence of a surety bond in one of three amounts is furnished:
According to NMLS, if your money transmission may potentially engage in the transmission of virtual currency, the Connecticut Commissioner will determine the amount of surety required.
Qualifying for the Connecticut money transmitter bond will involve:
Applicants will also need to have good credit and a healthy financial statement to be approved for this money transmitter bond.
If approved, the premium will be 1 ½% of the bond amount required. This amounts to the following:
The Connecticut surety bond, once issued is active for one year from the date of issuance. Thereafter, the bond – and the premium --- are renewed.
If you are of the belief that your business will not require a different surety bond amount upon renewal, you may wish to consider prepayment of your existing bond.
While the call to make prepayment of the premium is entirely yours to make, prepayment lengthens the time between surety bond renewals. Prepayment also offers you a savings over year to year renewal of the bond’s premium.
Using a $500,000 surety bond as an example, the prepayment amounts are as follows:
The Connecticut money transmitter surety bond is a financial guarantee which ensures your compliance with all rules, regulations, statutes and any future amendments concerning the transmission of money, travelers checks, money orders, or electronic money transmission within Connecticut.
Statutorily, the bond will cover claims for wrongful activity for 2 years after a license has been suspended, revoked, or expired.
AmeriPro Surety Bonds is a surety bonds only agency. We provide license and permit surety bonds throughout Connecticut.
Our agency also provides surety bonds nationwide.
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