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