Vermont money transmitter business are licensed and regulated by the state’s Department of Financial Regulation.
The licensing and your surety bond are filed through NMLS, the Nationwide Mortgage Licensing System. Our agency can electronically file your surety bond for you after its approval and purchase.
The money transmitter surety bond requirement is as follows:
Of note is that Vermont check cashers and currency exchange businesses do not have a surety bond requirement.
Qualifying for the Vermont money transmitter bond includes a short surety bond application, which we can begin with you over the phone, and a business or personal credit check inquiry.
Depending on the amount of surety bond required and other factors, you may also be asked to provide additional information (i.e. bank statements, financial statements, etc.) This is largely determined by the amount of surety required and your history in the business.
The standard premium rate is 2% of the bond’s amount; however, your credit score will be the biggest determining factor.
As noted above, after the bond’s approval, we’ll electronically file it on your behalf; or, you may choose to file it yourself.
Your Vermont money transmitter bond is active for one year from the date of purchase. The bond renews annually on the anniversary of it issuance.
At that time, you may either repay your premium. If you require a different surety bond amount, adjustments can be made accordingly.
The Vermont money transmitter surety bond is a financial guarantee of your compliance with Title 8, Vermont Statutes Annotated, Chapter 73, as amended.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide money transmitter surety bond nationwide.
Our agency is also a provider of other license and permit, court, and probate surety bonds in all 50 states.
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