Massachusetts Seller of Checks Bond |
AmeriPro Surety Bonds | 844-589-9732
Seller of Checks – Massachusetts
The seller of checks licensing refers to those who:
- Sell or issue money orders;
- Sell or issue drafts.
The Massachusetts Division of Banks administers the licensing of checks sellers. Both the licensing and the bond are filed with NMLS, an electronic nationwide online filing system which is becoming increasingly popular.
AmeriPro Surety Bonds offers the seller of checks surety bond for first time applicants. We also offer the surety bond for existing licensees who need to renew their surety bond.
Massachusetts Seller of Checks Bond: Amount Required, Qualifying, and the Cost
The Massachusetts seller of checks bond is a $100,000 surety bond required of licensees.
The amount that you will pay for this surety bond will be determined by an application, your experience in the industry, and a credit check. Our agency uses a soft inquiry which will not adversely affect your credit.
Because of the bond’s amount, an applicant may or may not be asked some or all of the following:
- Your source(s) of income;
- Whether or not you have previously had a surety bond revoked. And if so, why?
- Financial statement;
- Net worth;
- Whether you are currently a party to any lawsuit or bankruptcy proceeding;
- Whether you have any unsatisfied tax liens or judgments;
- Any other questions or requests deemed necessary for underwriting your bond.
As a broad general rule, an applicant for the check seller bond may pay between 1-3% of the bond’s amount; however, the amount that you will pay will be determined by the criteria above, and particularly your credit.
After your bond has been issued it is typically active for one year from the date of issuance.
There may be options for prepaying a Massachusetts seller of checks bond for 2 or 3 years. If the option is available, while you will pay more, there is a savings over a year to year renewal.
Purpose of this Bond
The purpose of this surety bond is the following. It is a financial guarantee that sellers of checks and drafts will be in compliance with all state rules and regulations governing this industry (Chapter 167, Section 59).
This surety bond protects against acts of fraud, theft, or criminal malfeasance committed by a licensed seller of checks and drafts.
Such protections afforded the consumer also includes wrongdoing by employees, agents, and managers of a seller of checks business.
As principal for this surety bond, you are responsible for all costs and fees associated with the settling of any claim, should that ever occur.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court and fiduciary surety bonds throughout the Commonwealth.
Please call us for your seller of checks surety bond today.
Or, you may fill out the form below and an agent will call you…