Nevada money transmitters are those who issue or sell checks or who receive or transmit money for credit.
Nevada money transmitters are governed under the Nevada Division of Financial Institutions.
Money transmitters who conduct business in Nevada must be licensed by the department.
As determined by the Division of Financial Institutions, to be licensed, applicants for a money transmitter license must do all of the following:
Finally, applicants must post a minimum $10,000 surety bond
An additional $5,000 surety bond for each branch office of the money transmitter business.
The minimum $10,000 surety bond required of money transmitters is required to guarantee that money transmitters will act in accordance with the law.
The bond guarantees is a protection for the consumer against any acts of fraud, criminal negligence, theft, or other acts of criminal malfeasance which may be committed by someone in this profession during the course of their duties.
As such, it is important to note that the bond is not an insurance policy for the money transmitter licensee .
Rather, it protects the consumer public.
Determining the cost of a money transmitter bond will be based on two criteria:
The applicant’s credit score and the number of bonds required (based on the number of locations).
AmeriPro Surety Bonds will work to help you quickly obtain this surety bond at the best price.
We also provide surety bonds throughout all 50 states.