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