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Indiana Money Transmitter Bond

The Indiana money transmitter bond is a $300,000 surety bond. You may pay as little as 1% annually. Please let us work with you. Call AmeriPro Surety Bonds today at 844-589-9732.

Indiana Money Transmitter Bond |

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Money Transmitters – Indiana

 

 

 

Businesses engaged in the money transmitter profession are regulated by the Indiana Department of Financial Institutions (DFI).

The application for the money transmitter bond and the surety bond requirement for the bond are processed electronically through the National Multistate Licensing System (NMLS).

AmeriPro Surety Bonds will not facilitate the procurement of the surety bond, we will also help you file the bond electronically at no additional charge.

 

 

 

Indiana Money Transmitter Bond – Amount of Surety Bond Required, Qualifying, and The Cost

 

 

 

According to Indiana Code 28-8-4-27, money transmitters are required to file a single $300,000 Indiana money transmitter bond.

Information provided to you on a surety bond application and your credit score will determine the premium you will pay for this bond. A well-qualified applicant may pay as little as 1% annually; however, those with credit issues or other matters may be required to pay more.

Since the bond amount is large, you will be asked the following as part of the application process:

  • We will request your NMLSR Unique Identifier number (that allows our agency to file the bond on your behalf);
  • You will be asked about any fidelity coverage;
  • You will be asked if you have any unsatisfied liens, judgments, and any pending lawsuits;
  • You will be asked if you have ever had a bond canceled, denied, or made a claim on;
  • You will be asked if you have ever failed in business or declared bankruptcy;
  • You will be asked if you have any items in collection or any current liens.

 

 

Duration of this Surety Bond

 

 

 

The Indiana money transmitter bond, once issued, is active for one year from the date of issuance. The bond is renewed annually.

 

 

 

Its Purpose

 

 

 

As stated within the surety bond’s wording, the purpose of the Indiana money transmitter bond is a financial guarantee which ensures your compliance with the [Indiana] Money Transmitters Act, and any subsequent amendments or additions to this law.

While the bond is required of your money transmitter business, its protections are for the consumer who suffers harm due to the failure of your business to comply with all relevant laws.

As principal for this bond, you are responsible to reimburse the surety for any claims paid against your bond; however, the aggregate amount of such claims will not exceed the value of the bond, with the exception of attorneys’ fees and any related costs.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is a surety bonds only agency. Our goal is to get you bonded quickly.

Please call us today at:

 

 

 

844-589-9732

 

 

 

Or, you may fill out the form below and an agent will contact you…

 

 

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AmeriPro Surety Bonds

Our focus is exclusively surety bonds. We have two areas of concentration: YOU, our customer; and providing you with the surety bond that you need. Whether the bond is an "instant issue"; is for a contractor; a court bond; or one for a client with lower credit scores, AmeriPro Surety Bonds dedicates itself to providing our customers with a seamless, professional, and quick surety bond experience.

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