Ohio Money Transmitter Bond |
AmeriPro Surety Bonds |
Ohio Money Transmitters
Ohio money transmitters are regulated by the Ohio Department of Commerce – Division of Financial Institutions. The Department is also the obligee, that is, they are the government body requiring your money transmitter bond.
By legal statute, the $300,000 Ohio money transmitter bond is required as a condition of licensing with the Department.
The Department may require a surety bond for more, however with a cap not to exceed $2,000,000.
AmeriPro Surety Bonds offers you the Ohio money transmitter bond as both a new and renewal bond.
Ohio Money Transmitter Bond: The Purpose
According to Ohio law, the purpose of your Ohio money transmitter bond is a financial guarantee which ensures that you, as a money transmitter, will perform your duties for the people of the state of Ohio according to the law.
The bond protects Ohio citizens from acts of fraud, theft, or criminal mishandling and misappropriation of funds in the course of your duties as a money transmitter.
Such financial guarantees also extend to wrongful acts committed by employees and managers of a money transmitter company.
The Ohio money transmitter bond, therefore, is not an insurance policy; it is a surety.
As such, its protections are for your Ohio customers.
Consequently, should be any claims paid on your bond, you in turn would be legally responsible for reimbursing the surety for all costs involved in the settlement of that claim.
Ohio Money Transmitter Bond: The Premium
The premium for a money transmitter bond will be dependent on the following:
- The amount of the surety bond that the Department requires you to purchase;
- Detailed information provided on your application (more on this below);
- A standard credit check.
For those meeting all of the above criteria, a $300,000 money transmitter bond may cost as little as $6,000 annually.
Because the bond amount is so much, it goes without saying that your financial standing needs to be strong.
Ohio Money Transmitter Bond: Duration
You money transmitter bond is active for one year from the issuance date. It must be renewed and kept current as a condition of licensing.
Ohio Money Transmitter Bond: Qualifying
Because even the lowest $300,000 surety bond amount is still a very large surety bond, the application process will be detailed.
You will want to be able to provide information regarding the following:
- Cash on hand;
- Annual or monthly income and all sources;
- Net worth (defined as your assets minus your liabilities);
- Investments — the type of investments, where held, and their current estimated market value;
- Real property owned—the nature of that real property and the type;
- Whether you are a homeowner
And any additional information as requested.
In truth, it may take a few days to have your bond issued; however, we will work with you to get the bonding completed as quickly and efficiently as possible.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary bonds throughout Ohio.
Our agency also provides surety bonds nationwide.
Please call AmeriPro Surety Bonds today at 844-589-9732