North Carolina Money Transmitter Bond |
AmeriPro Surety Bonds | 844-589-9732
Money Transmitters – North Carolina
Money transmitters in North Carolina are regulated by the Office of the Commissioner of the Banks, which is the same entity that requires money transmitters to obtain a surety bond.
AmeriPro Surety Bonds will help you secure the best surety bond pricing for the bond amount that you are required to purchase.
North Carolina Money Transmitter Bond: The Amount Required
The amount of surety bond that a money transmitter operating in North Carolina is determined as follows:
- First time North Carolina money transmitters are required to furnish a surety bond of $150,000;
After the 12 month period ending on December 31st, the bond amount required is as follows:
- Money transmissions between $1 million but under $5 million requires a $175,000 surety bond;
- Money transmissions between $5 million but under $10 million requires a $200,000 surety bond;
- Money transmissions between $10 million but under $50 million requires a $225,000 surety bond;
- Money transmissions in excess of $50 million requires a $250,000 surety bond.
According to §53-208.47 of the North Carolina state legislature, you are required to notify the Commissioner if you expect an increase in the surety bond amount. This must be done by May 31st of each year.
North Carolina Money Transmitter Bond: The Premium
The amount of premium, or the cost of the North Carolina money transmitter bond will depend on several factors:
- The amount of the surety bond that you are required to purchase;
- Information contained in your surety bond application (because of the large size, the application is more detailed than a typical surety bond application);
- Your credit score.
As a very broad general rule, an applicant with good credit may expect to pay somewhere in the neighborhood of 2% annually for the NC money transmitter bond.
We stress, however, that the amount that you will pay may vary significantly from a ballpark estimation (for those with good credit) above.
Our agency will work to find you the best surety bond pricing.
The Bond’s Duration
Once issued, the bond is active for one year from the date of issuance; thereafter the bond must be renewed.
Not maintaining an active surety bond on file is grounds for license suspension.
North Carolina Money Transmitter Bond: The Purpose
The North Carolina money transmitter bond is a financial guarantee that you in your money transmitter operations will be in compliance with all regulations and statutes governing your industry.
Not only is compliance with these provisions applicable to you, but the same likewise holds true of those whom you authorize to act in your authority.
The bond protects the people of North Carolina from any acts of fraud, theft, or other criminal malfeasance in connection with a money transmitter operation.
More specifically, the bond is a financial guarantee that you will be conduct your professional operations in accordance with the North Carolina Money Transmitter Act.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, court, and fiduciary surety bonds throughout North Carolina.
Our agency also provides surety bonds nationwide.
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