South Carolina Money Transmitter Bond |
AmeriPro Surety Bonds | 844-589-9732
Money Transmitters – South Carolina
Money transmitters in South Carolina are licensed and regulated by the state’s Attorney General Office. The licensing process – and the filing of the required surety bond – are accomplished through the Nationwide Multistate Licensing System, also known as NMLS.
In South Carolina, licensed money transmitters are authorized to do all of the following:
- Accept bill pay;
- electronic money transmitting;
- foreign currency dealing or exchanging;
- issuing or selling drafts;
- issuing or selling money orders;
- issuing or selling prepaid access/store value
- issuing or selling traveler’s checks.
Once the purchase is completed with our agency, we will electronically file the money transmitter surety bond on your behalf through NMLS.
Amount of Surety Bond Required – Qualifying
The South Carolina money transmitter bond is:
- A $50,000 surety bond;
- With an additional $10,000 bond for each location of your money transmitter business;
- But, with a maximum amount of $250,000 surety bond.
These amounts are as per South Carolina Code §35-11-215(A).
Qualifying will be by means of an application and a soft inquiry credit check. “Soft inquiry” means that the credit inquiry will not adversely affect your credit score.
The application can be taken over the phone. As preparation, you will be asked the following questions:
- Whether or not you have any unsatisfied lawsuits or judgments against you;
- Whether or not you have previously had a surety bond canceled;
- Whether or not you have failed in business or declared bankruptcy;
- Whether or not you have any outstanding (that is, unsatisfied) liens or collection items.
You will also be asked to provide a list and the address of all of your money transmitter business locations.
For electronic filing of the surety bond, we will need your NMLSR Unique Idenifier.
The Bond Term – Estimated Premium
The South Carolina money transmitter bond is issued for a one year term, thereafter the bond is renewed. An active, current surety bond must always be on file with the SC Attorney General Office as a condition of licensing.
For well qualified applicants, the estimated premium is 2% of the surety bond amount required.
Purpose of Your Surety Bond
The purpose of this surety bond is to serve as a financial guarantee of your compliance with the South Carolina Anti-Money Laundering Act, and any amendments or additions to the law.
The exact extent of your obligations can be found under the wording for the SC money transmitter surety bond.
AmeriPro Surety Bonds is a surety bonds-only agency which provide license and permit bonds throughout South Carolina.
We also provide surety bonds nationwide.
Please call our agency today at:
Or, you may fill out the form below and an agent will contact you…