Kansas Money Transmitter Bond |
AmeriPro Surety Bonds | 844-589-9732
Money Transmitters – Kansas
Money transmitters in Kansas are licensed and regulated by the OSBC, State Bank Commissioner. The filing of your license and surety bond are processed through NMLS, the Nationwide Mortgage Licensing System.
Our agency can electronically file the surety bond on your behalf.
The amount of surety bond for a Kansas money transmitter is as follows:
Whichever amount is GREATER:
- $200,000 surety bond;
- Or, your total transaction volume in Kansas, multiplied by 0.25%
Of note, the Commission also has the authority to individually mandate that a money transmitter provide up to a $1,000,000 surety bond (K.S.A. 9-509(e)(2).
Qualifying and the Premium
Applicants for the Kansas money transmitter bond will:
- Complete a standard surety bond application;
- Need to provide a recent financial statement or tax return;
- Undergo a credit check (only good credit will be considered with our agency)
If you are approved for this bond, the premium amount will be ¾ of 1%. With this calculation, a $200,000 surety bond will have a premium of just $1500, annually.
Other surety bond amounts will be priced with the same formula, namely ¾ of 1%.
Premium Payment Options
Applicants for Kansas money transmitter bond have the option to prepay the premium for up to 3 years, if you choose to do so. Prepayment of your bond’s premium will lengthen the time between renewals and offer you a savings over annual premium payments.
However, you may wish to bear in mind that you might require a different surety bond amount based on your sales levels.
That having been stated, again, using the $200,000 bond amount as an example:
- If prepaid for 2 years, the premium is $2700, a $300 premium savings;
- If prepaid for 3 years, the premium is $3900, a $600 premium savings.
Purpose of Your Surety Bond
Your money transmitter surety bond is a financial guarantee that any fees or penalties assessed by the Commission will be paid; and that you will lawfully handle the transmission of funds as provided by your customers.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Kansas.
Our agency also provides surety bonds nationwide.
Please call our agency today:
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