As with elsewhere in the country, Texas money transmitters engage in the following business transactions:
They may provide:
* Currency exchange
Texas money transmitters are overseen by the Texas Department of Banking.
In order to be licensed as a money transmitter, a Texas money transmitter bond is required.
The surety bond amount is determined as follows:
In other words, the Texas money transmitter bond amount required will be a minimum of $300,000 and a maximum amount of $2,000,000.
The Texas commissioner may increase the amount of surety bond required.
The purposes of a Texas money transmitter bond is to protect the consumer from acts of criminal theft, fraud, and other acts of malfeasance committed by a money transmitter company, or its employees, officers, and managers, in their duties as money transmitters.
Of note, the bond does not protect the money transmitter at all.
Rather, it is a guarantee that purchased by the Texas money transmitter business on behalf of consumers in the state.
While this Texas surety bond has an amount ranging from $300,000 to $2mm, applicants, of course will only pay a small percentage of the fee.
Accordingly the Texas money transmitter bond’s premium is determined by:
Licensing to become a money transmitter within the state involves:
AmeriPro Surety Bonds provides surety bonds of all types --- contractor, license and permit, court and fiduciary throughout Texas.
We appreciate the fact that you have chosen our agency for your surety bond needs.
You will see that not only do we with you, we work for you as well.