Minnesota Currency Exchange Bond |
AmeriPro Surety Bonds | 844-589-9732
Currency Exchange Businesses – Minnesota
Currency exchange businesses operating in Minnesota are regulated by the state’s Commerce Department. The Department provides easy to read, thorough information on licensing of your business and all regulations.
Both your license and surety bond are filed through NMLS, which is the Nationwide Mutistate Licensing System.
The surety bond takes all of about 5 minutes to purchase from our agency. Once purchase, we can also file electronically file this bond on your behalf through NMLS.
Amount of Surety Bond Required – Qualifying – Premium Amount
The Minnesota currency exchange bond is a $10,000 surety bond which is required as a condition of licensing.
Qualifying couldn’t be easier or faster: After completion of an application (over the phone with an agent is best), and payment of the premium — $100 — the bond is issued to you immediately.
Thereafter, we can file electronically bond on your behalf. And, a copy of the bond can be emailed to you for no additional charge.
For your currency exchange bond there is NO credit inquiry nor standard underwriting procedure. Everyone is automatically qualified!
The Bond Term:
The Minnesota currency exchange bond will expire on December 31st of the year in which the bond is purchased, regardless of the date of purchase.
Premium Prepayment Options
While your currency exchange bond will have a standard expiration of December 31 of the year in which it is purchased, the bond may be prepaid to expire for 2 or 3 years.
If you choose it, prepayment of the premium will have pricing as follows:
- To prepay for 2 years, even if not full calendar years, the premium is $180;
- To prepay for 3 years, even if not full calendar years, the premium is $260.
Prepayment of the premium affords you a $20 savings for 2 years and a $40 savings for 3 years. No refunds are offered for early cancellation of your surety bond after purchase.
Reason for the Surety Bond Requirement
This surety bond is a financial guarantee for the people of the state of Minnesota which ensures your compliance with all laws governing currency exchange. Specifically, statutes 53A.02 to 53A.13, and any other related statutes.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit surety bonds throughout Minnesota.
Our agency also provides surety bonds nationwide.
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