The Louisiana Office of Financial Institutions is the regulatory bond charged with overseeing the license of sale of checks / money transmitter businesses.
While the Office has oversight over this profession, you will file your license and surety bond requirement through NMLS, the Nationwide Mortgage Licensing System.
Once the required surety bond is purchased, our agency can electronically file your surety bond with NMLS on your behalf.
The Louisiana sale of checks / money transmitter bond is a bond with a minimum amount of $25,000 and a maximum surety amount of $500,000. For any amount up to $50,000, applicants will qualify for this surety bond merely by completing an application and paying the underlying premium.
Amounts up to and including $50,000 also have no credit inquiry nor underwriting review. The bond is issued to you immediately after the premium payment has been processed.
Surety bond requirements greater than $50,000, in addition to the standard surety bond application, will also have an underwriter review.
Applicants who meet the credit and underwriting qualifications will pay 1.5% of the amount required as premium.
The sale of checks / money transmitter surety bond is issued with a standard one year term. Thereafter, you will need to renew your bond by paying another premium.
You also have the option to prepay this bond for 2 or 3 years. Prepayment of the premium allows for a greater interval between surety bond renewals and a savings over year to year renewal.
Before exercising this premium prepayment option, however, you may wish to consider whether or not the Office of Financial Institutions will require a new surety bond amount annually.
This surety bond is a financial guarantee of your compliance with “The Sale of Checks and Money Transmission Act” and any amendments or additions to any related rules or regulations.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Louisiana. Our agency also provides surety bonds nationwide.
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