Florida Money Transmitter Bond
AmeriPro Surety Bonds | 844-589-9732
Florida Money Transmitters
Money transmitters are engaged in the profession of accepting funds from persons or companies, and transmitting those funds electronically to a different location, whether it is in the United States or somewhere else in the world.
Money transmitters are regulated by the state’s Office of Financial Regulation.
By law, money transmitters are also regulated by Chapter 560 of the Florida state’s Statutes.
In addition to meeting certain net worth requirements, a money transmitter surety bond is also required for licensing.
Florida Money Transmitter Bond: The Purpose of this Surety Bond
The purpose of the Florida money transmitter bond is to protect others, that is, consumers or customers from harm.
More precisely, this surety bond is a financial guarantee which protects consumers from harm caused by fraud, theft, willful misconduct, or other acts of malfeasance committed by a licensed money transmitter company in the performance of their duties.
Such protections for the consumer extend also to wrongful acts committed by employees, officer, and managers of a Florida money transmitter company.
Of note is that the protections afforded by this surety bond are strictly for others; the bond does not protect the money transmitter company at all, though it is required to maintain a license in good standing.
Florida Money Transmitter Bond: Amount Required
The amount required for the Florida money transmitter bond will depend on certain variables which are to determined by the Office of Financial Regulations.
In any case, the amount of surety bond required will be:
- Not less than $50,000;
- And not more than $2,000,000.
Our suggestion for you is the following: When you contact AmeriPro Surety Bonds, please provide us with any written documentation from Financial Regulations which states the amount of surety bond required.
This will be helpful to us for underwriting purposes.
Florida Money Transmitter Bond: Qualifying for this Surety Bond
As you might expect, qualifying for a larger surety bond entails more paperwork than might be the case for the smaller money transmitter surety bond amounts.
Having the following information available will be helpful, particularly if your bond amount required is $100,000 or more (and possibly, even a lesser dollar amount).
- Financial statements — audited might be ideal, if you have those available;
- Investments, including stocks, bonds, mutual funds, annuities, life insurance policies, their current value and where these are held;
- Bank statements, both business and personal, dating back at least 3 months;
- Whether or not you have any bankruptcies, judgments, or tax liens;
- Whether or not you have ever had any surety bond canceled, and if so, the reason why, and whether any payments were paid back by you or your money transmitter company, if applicable;
- Whether or not you have any accounts which are in currently collections or that are past due.
Florida Money Transmitter Bond: How Long It Takes to this Surety Bond
Depending on the amount of the money transmitter bond you are required to purchase, it may take anywhere from one business day to several business days to get bonded.
Much of that timing will depend on when requested information from you is provided to our agency.
As a courtesy, you may expect to hear or receive a phone call or email requesting “additional information”.
This is not to make you life difficult, but it is to satisfy underwriting requests.
Our agency will do everything possible to make the purchase of this surety bond easy quick, but of course, we have to work together.
AmeriPro Surety Bonds:
AmeriPro Surety Bonds is a bonds-only surety agency providing license and permit, court, contractor, and fiduciary surety bonds throughout Florida.
Our goals for you are:
- To inform you about the surety bond process;
- To work for you to get the surety bond you need;
- To provide very fair pricing for your circumstances.
Our agency also provides surety bonds nationwide.
Please call AmeriPro Surety Bonds today: