Georgia Money Transmitter Bond |
AmeriPro Surety Bonds | 844-589-9732
Money Transmitters – Georgia
Money transmitters in Georgia operate under the state’s Department of Banking and Finance.
As a condition of licensing, both new and existing applicants must furnish the required surety bond with the Department.
AmeriPro Surety Bonds provides the bond amount required.
Georgia Money Transmitter Bond: The Amount Required
The exact amount of the surety bond required for your money transmitter business will be determined by the Department.
According to current rules, the minimum amount required of money transmitters is $100,000.
For sellers of payment instruments, the minimum amount required is $250,000.
However, in no case will the bond amount exceed $2,000,000.
Georgia Money Transmitter Bond: The Purpose
The purpose of this money transmitter surety bond is a financial guarantee that ensures that a money transmitter will be in compliance with all laws governing and regulating professional conduct.
As a current or upcoming Georgia money transmitter, you may wish to familiarize yourself with certain aspects of these laws.
The money transmitter bond protects the public—the people of the state of Georgia — from acts of fraud, theft, malfeasance or misfeasance committed by a money transmitter or related persons in the course of ongoing professional duties.
While the bond’s protection is for the public and required of you for licensing, as principal of the bond, you are always responsible to reimburse the surety for all costs and fees involved in the settlement or resolution of any claim.
Georgia Money Transmitter Bond: Qualifying and The Premium
As you might already suspect, because of this bond’s large size, qualifying for it involves completion of a detailed application.
While, as part of the application process, you will no doubt be asked about personal assets, investments, debt, property owned, and what may seem like a sundry list of other questions, please know that our agency is here to help you qualify for the bond at the best available pricing.
Of course, there will also be a credit check involved in determining the bond’s premium.
Applicants may expect to pay anywhere between 2%-5% for the bond; however, the amount that you will be required to pay will be partly (actually, largely) based on your credit score.
Again, our agency will work to find you the best surety bond pricing.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary bonds throughout Georgia.
Our agency also provides surety bonds on a nationwide basis.
Please call us today at:
Or, you may fill out our contact form below,