Oregon Money Transmitter Bond | AmeriPro Surety Bonds | 844-589-9732
AmeriPro Surety Bonds provides the Oregon transmitter bond for both first-time applicants and those who require the surety bond as a condition of licensing renewal.
Oregon Money Transmitters:
Oregon money transmitters are regulated by the Oregon Division of Financial Regulations.
Money transmitters are involved in accepting payments for bills — for example, telephone, gas, and electric bills — and transmitting money within the United States or internationally for a fee.
Oregon money transmitters may also:
- Issue money orders;
- Sell travelers’ checks;
- Cash checks
To be involved in the money transmitter business in Oregon, one must be licensed by the Department.
Some Steps Involved in Obtaining an Oregon Money Transmitter License:
Money transmitters are not required to attend a pre-licensing seminar or pass an exam.
And while Oregon, via the Division of Financial Regulations, issues the money transmitter license, the application itself is submitted online via NMLS.
The following, though not all encompassing, are required to become an Oregon money transmitter:
- Full completion of the required Oregon money transmitter application;
- Payment of the non-refundable licensing fee of $1,000. Each credit control person will also undergo a credit check which is $15.00 per person;
- Audited financial statements which show a company net worth of $100,000, plus $25,000 for each money transmitter location, if applicable;
- Company disclosures. These relate to criminal history and may be required of all officers and owners of the Oregon money transmitter bond;
- The structure of the company should be identified (i.e. corporation, llc, etc.);
- Organizational chart of the company. By this is meant who actually owns the company and whether the company is a subsidiary of a larger group, as well as any secret owners;
- All owners of the company will need to submit to a criminal background check;
- An Oregon money transmitter bond must be obtained and electronically filed in the appropriate amount.
Oregon Money Transmitter Bond: Amount Required
Money transmitters in Oregon are required to obtain an Oregon money transmitter bond.
The following is relevant:
- The minimum bond amount is $25,000;
- Each additional location besides the main office in Oregon adds $5,000 to the bond amount required;
- The Oregon money transmitter bond has a maximum amount of $150,000.
Oregon Money Transmitter Bond: The Purpose
The purpose of the Oregon money transmitter bond is to protect the consumer from any acts of fraud, or criminal activity committed by a licensed Oregon money transmitter company, or its employees, and officers, in the course of their duties.
As such, the bond is not a liability policy.
Its purpose is to protect the consumer, or the public, from acts of malfeasance.
Oregon Money Transmitter Bond: Premium & Duration
The cost of the money transmitter bond will be determined by:
- The amount of the surety bond required;
- The applicant’s or company’s credit score.
A $25,000 Oregon money transmitter bond may have a premium as low as $500 annually.
Once issued, the money transmitter surety bond is active for one year and renews on an annual basis.
About AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bonds-only agency which provides surety bonds of all types throughout Oregon.
We know that there are other very good and reputable agencies out there.
We thank you for choosing to allow us to work for you.