1 (844) 589-9732

The Tennessee money transmitter bond is a $50,000 to $800,000 surety bond which may cost you as little as 1%. Please call our agency today at: 844-589-9732.

Tennessee Money Transmitter Bond |

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Money Transmitters – Tennessee

 

 

 

The Tennessee money transmitter license and surety bond are administered by the state’s Department of Financial Institutions.

As is increasingly common nationwide, the bond, when purchased is filed electronically through NMLS.

AmeriPro Surety Bonds works to help you meet the surety bond requirement at the fairest pricing.

 

 

 

Tennessee Money Transmitter Bond: Amount Required and the Premium

 

 

 

The Tennessee money transmitter bond requirement is a minimum surety bond amount of $50,000. Additionally, there is a $10,000 surety bond for each location after the first office. The money transmitter bond has a maximum limit of $800,000.

Applicants for the money transmitter bond will complete a surety bond application and undergo either a personal or business credit check.

The higher cost surety bonds will typically require more applicant information. Such information may include questions regarding:

  • Source(s) of income;
  • The locations of additional money transmitter officers;
  • Whether you are party to any lawsuit;
  • Banking statements;
  • Whether you have any unsatisfied liens or judgments;
  • Properties owned
  • A credit check
  • Other information as may be judged necessary for underwriting your surety bond.

Well qualified applicants may pay between 1-5% for the Tennessee money transmitter bond amount; however, the amount you will pay will be determined by information supplied and your credit.

 

 

 

Duration of this Bond

 

 

 

Once issued, the transmitter surety bond is active for one year from the date of issuance. In some instances, options may exist to prepay your surety bond for up to 3 years. While this will be significantly more upfront, if available to you, it will offer you a savings over a year-to-year renewal.

 

 

 

Its Purpose

 

 

 

The Tennessee money transmitter bond exists to protect consumers.

As stated in statutes governing the bond requirement, Tennessee Code Annotated, 45-7-208, the surety bond exists as a financial guarantee that you will handle, transmit, and pay money as required to according to all regulations.

The bond protects against the failure to follow such regulations, which in turn causes harm to the consumer. As principal of this bond, you would be obligated to indemnify the surety for any claims paid against your bond.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is a surety bonds only agency providing money transmitter bonds in Tennessee and nationwide.

Please call our agency today at:

 

 

844-589-9732

 

 

 

Or, you may fill out the form below and an agent will contact you…

 

 

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