The Minnesota Commerce Department regulates the licensing of Minnesota money transmitter businesses.
The licensing, both new and renewal, for money transmitters transmitters is electronically filed through NMLS (Nationwide Mortgage Licensing System) as is the surety bond, once purchased.
Once purchased, our agency can electronically file the surety bond on your behalf.
The Minnesota money transmitter bond is a $25,000 surety bond required as a condition of licensing.
The amount of surety required increases as follows:
For a $25,000 Minnesota money transmitter bond, the premium is $191, annually. There is no underwriting nor a credit check involved. This means that after completion of an application with the help of our surety agent, and payment of the premium, this bond is issued to you immediately.
A $50,000 Minnesota money transmitter surety bond is $383, annually.
Amounts of $100,000 and above may qualify for streamlined processing if you have been in business for at least 3 years and meet other requirements which will be discussed (they’re pretty easy to meet!).
Otherwise, you’ll still qualify for the same great rates; it’s just that your application will be submitted to an underwriter for review and there will be a credit score check involved.
For higher surety bond dollar amounts, you may --- or may not be --- be asked to provide a financial statement.
The Minnesota money transmitter bond is issued for a term that is one year from the date of issuance. Thereafter, the surety bond must be renewed.
You will also have the option to prepay your transmitter surety bond for 2 or 3 years, thereby offering you a savings over year to year renewal of the premium. Once purchased, however, no refunds will be offered.
As explained under Minnesota 53B.08 - Bond or Other Securities - , the purpose of your money transmitter surety bond is a financial guarantee which ensures that your transmitter business will properly handle the receipt, transmission, and payment of money with respect to your business.
The protections afforded by the surety bond also encompass wrongdoing committed by any agent, manager, or employee of your business.
AmeriPro Surety Bonds is a surety bonds-only which provides license and permit surety bonds throughout Minnesota. Our agency also provides surety bonds nationwide.
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