Maryland businesses engaged in money transmission are regulated by the state’s Department of Labor, Licensing & Regulation.
While the Department regulates the license and professional conduct of money transmitters, the application, fees, and the surety bond required are filed through NMLS (the Nationwide Mortgage Licensing System).
After the completion of your surety bond purchase, our agency will electronically file the bond on your behalf to NMLS.
The Maryland money transmitter bond is a $150,000 surety bond. Currently, the amount required is a flat rate and does not adjust upwards based upon production levels.
Qualifying for the money transmitter bond includes completion of a standard surety bond application and a business or personal credit inquiry. You may also be requested to provide a financial statement, whether one of your own or one completed by a CPA.
Our agency can complete the application with you over the phone, or if you prefer, we can send one to you for completion on your own.
Depending on the results of underwriting --- based largely on your credit score and information supplied in your application --- the premium for a well qualified applicant may range from 1 ½ – 2% of the bond’s amount, annually.
However, amounts may vary and may therefore be higher.
The duration of the Maryland money transmitter bond is for one year; however, in some instances an applicant may be able to prepay this surety bond for 2 or 3 years. If this option is available, you will be provided a savings over the standard year to year renewal of your surety bond.
The purpose of the Maryland money transmitter bond is to serve as a financial guarantee which ensures your full compliance with all laws, regulations, and statutes governing money transmission.
The bond protects consumers from any acts of harm or malfeasance in the performance of your professional duties. Such protections also extend to wrongful or unlawful activity committed by any employees, agents, and managers of your money transmitter business.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, fiduciary and court surety bonds throughout Maryland.
Our agency provides surety bonds nationwide.
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