As part of the transmitter licensing process, which is facilitated through NMLS, the Nationwide Mortgage Licensing System, West Virginia money transmitters will obtain one of three surety bond amounts:
Qualifying for the West Virginia money transmitter bond--- which is also known as a money transmission, currency exchange and transportation bond --- is by completion of an application and undergoing a credit review inquiry.
The difference between the requirement for the $100,000 surety bond and any other amount is that amounts above $100,000 will also require a recent financial statement as part of the underwriting process.
Good credit is required, and approval for your surety bond will be at a premium of 1 ½% of the amount of the surety bond.
Once the premium has been paid, our agency issues this bond to you immediately. To save time, we also can electronically file your surety bond on your behalf through NMLS.
At 1 ½% your West Virginia money transmitter premium is active for one year. Thereafter, your premium renews on the anniversary of its issuance.
Options exist to prepay your bond for up to 3 years, thereby offering you a savings over annual renewals.
Two examples of premium prepayment options are as follows:
$100,000 surety bond:
$300,000 surety bond (one year is $4500):
As stated within your surety bond, its purpose is that you will observe all laws related to West Virginia money transmission, and that you will pay any fees, fines, or assessments owed to the Commissioner in a timely manner.
AmeriPro Surety Bonds provides money transmission surety bonds nationwide. We also provide license and permit bonds in all 50 states.
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