Washington D.C. Money Transmitter Bond
AmeriPro Surety Bonds | 844-589-9732
Licensing of DC Money Transmitters
The DISB – Department of Insurance, Securities and Banking is the regulatory body for money transmitter business operating in Washington DC..
The licensing of DC money transmitters, including the filing of your surety bond, however, are facilitated through NMLS, the Nationwide Mortgage Licensing System.
Your Washington D.C. money transmitter bond amount is determined as follows:
- The surety bond amount is a standard $50,000 requirement;
- Followed by a $10,000 additional requirement for each additional location of your money transmitter business;
- With a maximum $250,000 surety requirement.
Qualifying and the Premium
The Washington DC money transmitter surety bond is offered by our agency for 1.5% of your bond’s amount.
For applicants who require the $50,000 surety bond amount, we offer the money transmitter bond to you without a credit check, for $750 annually. This means that you are pre-approved.
Applicants who require a greater surety bond amount will need to sign and complete a short surety bond application. A credit check inquiry is also standard.
Upon approval of your bond, and payment of the premium, our agency issues your bond and Power of Attorney form to you immediately.
We can also electronically file your bond on your behalf to NMLS.
Premium Prepayment Options
The premium for your DC money transmitter bond renews annually on the anniversary of your bond’s issuance.
The option exists to prepay your surety bond up to 3 years, thereby offering you a savings over annual renewals. This option will work best for those money transmitter businesses which do not anticipate a change in the number of locations.
As an example:
- A $50,000 surety bond prepaid for 2 years has a premium of $900, a $100 savings;
- The same amount if prepaid for 3 years has a $1300 premium, a $200 savings.
Purpose of Your Surety Bond Requirement
As stated in the Code of the District of Columbia, § 26-1007, your DC money transmitter bond is a financial guarantee of your compliance with all laws regarding money transmission.
This includes the handling, the receipt, and the transmission entrusted to the care of your business.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and probate bonds in Washington DC, as also all 50 states.
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Or, you may fill out the form below and a Surety Agent will contact you…