Professionals in Idaho who engage in money transmission are regulated by the state’s Department of Finance.
While regulations are handled by the Department, your license and surety bond are filed through NMLS, the Nationwide Mortgage Licensing System. In order to be licensed, you are required to obtain the appropriate surety bond amount. The following will help you determine the amount of surety required:
Qualifying and the Premium
For any surety bond amount between $10,000 and $50,000 inclusive, our agency offers you the Idaho money transmitter bond with streamlined processing. What this means is that:
Note that there is no credit check nor review by an underwriter; you’ll have your surety bond in minutes.
Surety Bond Amounts between $55,000 - $500,000
For surety bond amounts between $55,000 to $500,000, in addition to an application, a credit check inquiry will also be required. Also, depending on the size of the bond required, you may be asked to provide a recent financial statement.
Good credit will be required for any of these higher amounts, and the premium will be at the same rate of 1 ½% of the amount required.
The premium for your Idaho money transmitter bond is good for one year, and thereafter the premium and the surety bond will renew. Our agency offers you the option to prepay your premium for up to 3 years, thereby saving you over renewing each year (and lengthening the time between renewals).
The premium prepayment option and savings are as follows (using a $50,000 surety bond amount as an example):
Larger amounts will offer even greater premium savings.
The Idaho money transmitter surety bond is a financial guarantee which ensures your lawful compliance with all regulations concerning money transmission, and most especially Chapter 26-2908 of the state’s statutes.
AmeriPro Surety Bonds provides money transmission surety bonds in all 50 states. We are a surety bond agency which solely focuses on license and permit bonds nationwide.
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