(844) 589-9732

Iowa Money Transmitter Bond

September 23, 2019

The Iowa money transmitter bond, when issued can be filed by our agency on your behalf through NMLS. The premium for approved applicants is 1.5%. Please call AmeriPro Surety Bonds at 844-589-9732.

Iowa Money Transmitter Bond |

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Money Transmitter Businesses – Iowa

 

 

 

Iowa money transmitters are licensed and regulated by the Iowa Division of Banking. While the Division is the regulatory body overseeing the activities of money transmitters, the surety bond and licensing are filed through NMLS, which is the Nationwide Mortgage Licensing System.

There are two categories for surety bond amounts of money transmitters:

  • If you are an Iowa money transmitter with locations in Iowa, you require a minimum $50,000 surety bond, with an additional $10,000 bond required for each additional location after the first one, if applicable.
  • If you are a money transmitter with no locations in Iowa, then you require a single $300,000 surety bond.

 

 

 

Qualifying and the Premium

 

 

 

For a $50,000 Iowa money transmitter bond alone, the bond is issued immediately after completing an application and paying the premium of $750.00. The application can be accepted with an agent verbally over the phone. There is no credit check nor underwriter review for this surety bond amount.

For any amount greater than $50,000 surety, qualification is by means of an application which will also need to be signed and witnessed. There is also a standard credit score inquiry.

Depending on the amount required, you may furthermore be asked to provide a recent financial statement. This will be applicable for applicants who require a surety bond for $150,000 or more.

Upon your good credit you will be approved at a rate of 1.5% of the bond amount required.  Once the approval has been received and the premium paid, our agency can either file the bond on your behalf through NMLS, or we will issue to you for filing on your initiative.

 

 

 

The Term of Your Bond

 

 

 

Unless you or the surety cancels your bond, or you subsequently require a different surety bond amount, the Iowa money transmitter bond is issued one time. The bond has a continuous term.

 

 

 

Purpose of Your Surety Bond

 

 

 

An Iowa money transmitter surety bond is a financial guarantee of your compliance with Iowa Code Chapter 533C, as also any additions or future amendments to this statute.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Iowa. Our agency also provides surety bonds nationwide.

Please call us today at:

 

 

844-589-9732

 

 

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