Money transmitters operating in New Jersey are licensed and regulated by the Commissioner of Banking and Insurance.
Money transmitters are further divided into two categories, each with its own surety bond requirements:
Money transmitters --- who engage in the transmission of money within the United States, along with other duties.
Foreign money transmitters – who only engage in the transmission of money outside of the United States;
AmeriPro Surety Bonds offers the money transmitter surety bond for both categories.
New Jersey money transmitters have a surety bond requirement which will be between $100,000 to $1,000,000. The amount required will be determined by the commissioner.
New Jersey foreign money transmitters have different surety bond requirement amounts based upon the annual volume of business transacted.
The breakdown for New Jersey foreign money transmitters surety bond is as follows:
According to New Jersey law, any amount over $15,000,000 for foreign money transmitters will be an additional $100,000, and an amount to be determined by the commissioner, but not to exceed $900,000 surety bond.
Whether a foreign money transmitter surety bond or a money transmitter surety bond, the premium will be determined by a detailed surety bond application (particularly for the larger surety bond amounts) and a credit score check.
As a broad general rule, an applicant with good credit may expect to pay about 2% for a New Jersey money transmitter bond; however, the amount may vary depending on the criteria mentioned above.
Once issued, the money transmitter bond is active for one year; and there must always be an active surety bond on file as a continued condition for licensing and operations.
The New Jersey money transmitter bond is a financial guarantee, for the commissioner and by extension, the people of the state of New Jersey, that a money transmitter will be in compliance with all laws and regulations involved in the process of transmitting funds.
The bond exists to protect the consumer against acts of fraud, theft, embezzlement, or criminal malfeasance and misfeasance committed by a money transmitter, any employees, agents, or managers in the course of their interactions with the public.
Laws and responsibilities governing New Jersey are found under Chapter 14 of the state’s legislature.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary surety bonds throughout New Jersey.
The process for obtaining your money transmitter bond may take a few days, but our agency will work with you to have the bond obtained as quickly as possible.
Please call AmeriPro Surety bonds today for your money transmitter bond at:
Or, you may fill out the form below to be contacted by a surety bond agent: