Utah money transmitter serve as a critical midpoint between those who wish to transfer money from one place to another, both within the United States and internationally.
Utah money transmitters also provide:
* Money orders;
* and travelers’ checks
In Utah, money transmitters are regulated by the Utah Department of Financial Institutions (DFI).
To become licensed as a Utah money transmitter, an applicant will need to demonstrate the following to the DFI:
* A net worth of at least $1,000,000;
* Proof of character and business acumen to engage in this line of work;
* Both corporate and non-corporate applicants must demonstrate that they are qualified to conduct business a money transmitter bond in Utah.
* Submit proof that the applicant is registered in a nationwide database;
* Obtaining a surety bond for $50,000 to have filed with the Commissioner.
The purpose of the money transmitter surety bond is to protect members of the public from any acts of fraud, criminal negligence and malfeasance committed on the part of a Utah money transmitter.
The Utah money transmitter bond according to current rules has a minimum requirement of $50,000.
The bond renews on an annual basis and should be issued to run concurrently with a money transmitter license.
If an applicant is an individual, the premium required for the Utah money transmitter bond will be contingent upon the applicant’s credit score.
Corporate applicants will also be subject to a credit check as well.
The state of Utah, DFI, is a participant in the NMLS, which means that these bonds are filed electronically.
AmeriPro Surety Bonds will gladly have the Utah money transmitter bond electronically filed on your behalf once purchased.
We are always aware that our clients have choices in their choice of an agency.
And we never take that for granted.
AmeriPro Surety Bonds is a surety bond-only agency which provides license and permit, contractor, and fiduciary surety bonds in Utah and throughout all 50 states.