Money transmitters in Delaware are licensed and regulated by the state’s Banking Department. A condition of both first time and renewal licensees is that the appropriate surety bond be obtained and furnished to the Department.
This surety bond is also referred to as a Delaware seller of checks, or seller of money orders surety bond.
The breakdown for surety bond amounts required are as follows:
For both first time and renewal licensees, up to and including a $50,000 surety bond requirement, our agency offers you the Delaware seller of checks or seller of money orders surety bond immediately and without a credit inquiry.
A $25,000 surety bond will cost you just $375 annually.
When you call us, our agency will verbally take the application from you over the phone. We’ll ask you very basic questions: The name, exactly as it should appear on your surety bond, along with your contact information. This includes your address, phone number and email.
After payment of the premium, the bond, along with a Power of Attorney (POA) form are issued to you immediately.
Surety Bond Requirement Greater than $50,000
For a surety bond amount greater than $50,000, a signed application along with a credit score inquiry are required. An applicant who is approved for a $250,000 surety bond will have an annual premium of just $3750.
In all cases, once your surety bond is approved and the premium is paid, it will be mailed to you for filing. Overnight delivery is available for an additional fee. Upon receipt, you’ll sign your bond as Principal, and file it to:
State of Delaware
Office of the State Banking Commissioner
55 East Loockerman Street, Suite 210
Dover, DE 19901
For all surety bond amounts, our agency offers you the ability to prepay your premium up to 3 years. Prepayment of the premium will save you over annual renewals, besides lengthening the time between renewals.
As an example, the $25,000 surety bond amount:
The greater the surety bond amount, the greater the savings.
As an example, the $250,000 surety bond amount:
The surety bond requirement for Delaware money transmitters is in accordance with Title 5, §2309 of the Delaware Code.
The bond is to protect members of the public from acts of fraud or malfeasance on the part of a licensed Delaware seller of check, money orders, or money transmitter. This includes wrongful activity committed by employees of your business.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide money transmitter surety bonds wherever required nationwide.
Our agency is also a provider of license and permit, probate, court, and other contractor surety bonds in all 50 states.
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Or, you may fill out the form below and a Surety Agent will contact you...