Massachusetts Money Transmitter Bond |
AmeriPro Surety Bonds | 844-589-9732
Money Transmitters – Massachusetts
Please note: For us to consider your application, you must be an already existing, established business. We are also not a market for businesses which provide “online” money transmission services.
Money transmitter licensing is regulated by the Commonwealth Division of Banks.
The licensing of money transmitters includes the requirement of a surety bond. AmeriPro Surety Bonds offers this surety bond for money transmitters in Massachusetts and elsewhere in the U.S.
Massachusetts Money Transmitter Bond – The Amount Required and the Premium
The Massachusetts money transmitter bond is a $100,000 surety bond requirement stipulated by the Division of Banks.
By statute, this requirement is from the Massachusetts legislature, Chapter 169, Section 3.
Applicants for a Massachusetts money transmitter surety bond will complete a standard application.
As part of the application process you may – or may not be – requested to supply the following information:
- Your source(s) of income;
- Your net worth;
- Whether or not you are currently party to any lawsuit or bankruptcy proceedings;
- Your portfolio investment value, the name of the investments, and where such investments are held;
- Real property owned and the location of the same;
- Whether you have any unsatisfied judgments or tax liens;
Other information as may be deemed necessary to underwrite (determine the issuance and pricing) of your transmitter bond.
An applicant with good credit may typically pay just over 1% annually; however, again, only the application and the credit score check will be determinant.
Surety Bond Term
Once issued, the Massachusetts money transmitter bond is active for one year from the date of issuance.
A current, active surety bond must remain on file with the Division of Banks at all time, otherwise you run the risk of having your licensed suspended.
Purpose of this Surety Bond
The purpose of the Massachusetts money transmitter bond is a financial guarantee which ensures your compliance with all laws, regulations, amendments, and additions which govern money transmitting from your place of business.
The bond protects the consumer from any acts of fraud, theft, malfeasance and misfeasance in your professional duties, and which causes some harm or violation of the Massachusetts Money Transmitter Act.
Such protections also extend to wrongdoing committed by agents, employees, and managers of your money transmitter business.
The bond’s existence allows customer to file a claim against (an action against your bond), pursuant to Section 5 of the legislation of the Commonwealth.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds and contractor bonds throughout the Commonwealth. Our agency also provides surety bonds throughout all of New England.
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