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 Mortgage 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.
According to Indiana Code 28-8-4-27, money transmitters are required to file a single $300,000 Indiana money transmitter bond.
Information provided by 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:
The Indiana money transmitter bond, once issued, is active for one year from the date of issuance. The bond is renewed annually.
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.
AmeriPro Surety Bonds is a surety bonds only agency. Our goal is to get you bonded quickly.
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