West Virginia Money Transmitter Bond
AmeriPro Surety Bonds | 844-589-9732
Money Transmitters – West Virginia
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:
- A $100,000 surety bond if you are licensed for currency exchange, the sale of checks or money orders, or merchants who engage in check cashing only;
- A $300,000 surety bond if you are licensed for money transmission or transportation;
- Or in an amount in addition to any one of the above, as described on your surety bond form if the volume of your money transmission exceeded $10 million in the prior calendar, but not to exceed $1 million surety bond.
Qualifying and the Premium
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.
Premium Prepayment Options
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:
- If prepaid for 2 years, the premium is $2700, a $300 savings;
- If prepaid for 3 years, the premium is $4900, a $600 savings.
$300,000 surety bond (one year is $4500):
- If prepaid for 2 years, the premium is $8100, a 900 savings;
- If prepaid for 3 years, the premium is $11700, an $1800 savings.
Purpose of Your Surety Bond
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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