Virginia Money Order Sales and Money Transmission Bond
AmeriPro Surety Bonds | 844-589-9732
Money Transmitters – Virginia
Persons engaged in the business of money order sales and money transmission within the Commonwealth are regulated by the State Corporation Commission Bureau of Financial Institutions.
As part of the process for licensing, evidence of an active surety bond is required.
AmeriPro Surety Bonds provides this bond as part of the licensing process for both first time and renewal licensees.
Virginia Money Order Sales and Money Transmission Bond: Amount Required and Premium
Also known as a Virginia money transmitter bond, this surety bond by statute has:
- a minimum surety bond amount of $25,000;
- with a maximum surety bond amount of $1,000,000.
The amount that you will be required to furnish will be determined by the Commonwealth’s Commissioner.
If the amount of surety bond is provided to you in writing, it will be helpful (though not strictly required) for purposes of underwriting your money transmitter bond.
Because the range for the surety bond is so wide, pricing and information required will likewise have a wide range.
Besides information provided on a surety bond application, there is a credit check involved which also determines the premium.
An applicant with good credit, meeting other underwriting guidelines, may pay around 2% for this bond annually; however, only with a completed application can pricing be provided.
Qualifying for Larger Surety Bond Amount
For the Virginia money order sales and money transmission bond which has larger dollar requirements, more information will be requested of you.
Although you may not be required to provide it, it will be helpful to have the following available:
- Net worth (defined as your assets minus your liabilities);
- Source(s) of income and amounts;
- Whether you have any unsatisfied judgments, tax liens, or collection accounts;
- Information regarding any pending litigation;
- Bank statements dating the last several months;
- Investments: the amount, location, and the type of securities held;
- Real property and whether owned singly or severally;
- Other information as requested.
Depending on the surety bond amount required, you may be asked some, all, or none of the above questions.
The Purpose of this Surety Bond
The purpose of the Virginia money order sales and money transmission bond is to serve as a financial guarantee for the residents of Virginia that a licensee will perform all money sales and transmission in accordance with the law and any future amendments or additions.
The protections afforded the public by means of your money transmitter surety bond also extend to wrongful acts committed by any employees, agents, and managers of a licensed Virginia money transmitter business.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary surety bonds throughout Virginia.
Our agency also provides surety bonds nationwide.
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