The New York money transmitter bond is a $500,000 surety bond required by the NY Department of Financial Services. AmeriPro Surety Bonds offers you this surety bond: 844-589-9732.
The New York Department of Financial Services regulates the licensing of money transmitter businesses in the state.
The Department requires that at as a condition for licensing, New York money transmitters obtain a surety bond which is at least $500,000.
The money transmitter surety bond exists solely for the protection of the public.
More specifically, besides being a condition for licensing, the NY money transmitter bond protects the public from any acts of fraud, theft, or criminal misconduct committed by a money transmitter company, its agents, managers, and employees of the company, in the performance of their professional duties.
The bond furthermore acts as a financial guarantee for the benefit of the public that New York money transmitters will conduct their business dealings according to the law.
Its existence also allows those who suffer financial harm to make claims against the surety bond for losses suffered up to the aggregate total of the bond amount.
But a surety bond is not an insurance policy. Any claims paid by a surety company for harm to a consumer, must be fully reimbursed by the bond’s principal (the money transmitter company and person(s) purchasing this surety bond).
When you call our agency, we’ll go over some basic questions for this surety bond.
Because of this surety bond’s large size, we may ask you questions regarding the following:
There will also be a standard credit check involved, which will determine the bond’s premium amount.
The premium for the New York money transmitter bond will be a small percentage of the $500,000 surety bond requirement, determined largely by the application and credit scoring.
Applicants can expect to normally pay between 1-4% of the bond’s face amount.
Once purchased, the bond renews annually, and should be issued to run concurrently with the money transmitter license provided by the state of New York.
Our agency will notify you once the bond has been purchased of its upcoming renewal.
New York state participates in NMLS which is an electronic registration system that handles licensing matters for various professions.
Once purchased, the New York money transmitter bond is also electronically filed with NMLS. Our agency will assist you with the electronic if needed.
AmeriPro Surety Bonds is a surety bonds-only agency which provides money transmitter surety bonds in New York and nationwide.
Our agency also provides license and permit, court, fiduciary, and contractor bonds.
We are determined to make your surety bond purchasing process friendly, helpful, and as quick as can reasonably be expected.
We look forward to working with and for you.
Call AmeriPro Surety Bonds today:
