North Dakota Money Transmitter Bond
AmeriPro Surety Bonds | 844-589-9732
Licensing of North Dakota Money Transmitters
The North Dakota Department of Financial Institutions, Consumer Division is charged with the licensing and regulation of money transmitters in the state.
The filing of your license and surety bond are accomplished through NMLS, the Nationwide Mortgage Licensing System.
Upon purchase of your money transmitter bond, our agency will electronically file it on your behalf to NMLS.
Amount of Surety Required
The North Dakota money transmitter bond is a standard $150,000 surety bond. The amount may be increased to a maximum of $500,000 surety requirement by the commissioner “…for good cause.”
Further information as to what constitutes “good cause” is not spelled out by the state’s statutes; you’ll need to contact the Consumer Division for an explanation.
Qualifying and the Premium
The premium for your North Dakota money transmitter bond will be determined by the amount of the surety bond required and your credit. Depending on the amount of surety required and other factors, additional information may be requested as well. If requested, these will likely refer to financial statements.
Applicants may typically be approved anywhere between 2% or higher based on the above criteria.
A signed application will be required. In some cases, we may be able to offer you an electronic application which will accept an electronic signature; other cases may involve a traditional paper application sent to us be email.
Duration of Your Bond
Your money transmitter surety bond will have a duration that is 1 year from the date of issuance. Thereafter, your bond and the associated premium will be renewed.
The Purpose of This Surety Requirement
Your ND money transmitter bond is a financial guarantee which ensures your compliance with North Dakota Century Code, Chapter 13-09 as amended.
The bond protects the state from acts of malfeasance committed by a money transmitter or employees in the course of related professional responsibilities.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout North Dakota.
We are also a provider of money transmitter, probate, and other surety bonds nationwide.
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