The Oklahoma Banking Department is the regulatory body for money transmitters operating in the state.
While the Department is the regulatory body which oversees money transmitters, your license and surety bond are filed through NMLS, which is the Nationwide Mortgage Licensing System.
Obtaining a surety bond will likely be the easiest part of the licensing process, because up to $100,000, the bond is issued instantly.
The Oklahoma money transmitter bond is a $50,000 surety bond, followed by an additional $10,000 surety bond amount for each location after the first. The bond caps at a maximum amount of $500,000.
Please note: Up to and including a $100,000 surety bond requirement, our agency offers the OK money transmitter surety bond immediately, and without a credit check and underwriter review.
What this means for you is that after completion of a standard surety bond application --- which we can take from you over the phone --- and payment of the premium, 1% of the bond amount required, the bond is issued to you immediately.
In other words, you are automatically approved for this bond up to $100,000.
Amounts greater than $100,000, will undergo a standard application and credit check review by an underwriter. Upon your good credit, you will be approved for this bond at the same premium rate of 1%.
Once issued, a copy of the bond can be emailed to you. The original copy will be sent to you by mail the following day. Before filing with NMLS, you will want to make sure to have signed your bond as Principal.
At 1% annually, the Oklahoma money transmitter bond is issued for a standard one year period. You also have the option to prepay your surety bond for up to 3 years. Prepayment allows you a savings over year to year renewal of the premium, besides lengthening the time between renewals.
As an example, a $50,000 money transmitter surety bond prepaid for two years will have the follow premium and savings:
Other bond amounts also offer corresponding savings.
The money transmitter bond is a financial guarantee which ensures that you will faithfully comply with all laws regarding the transmission of money and related instruments in accordance with Oklahoma law. The surety bond protects from acts of malfeasance, fraud, and criminal negligence in the performance of your duties, or of those whom you employ.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Oklahoma. Our agency also provides surety bonds nationwide.
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