Wyoming Money Transmitter Bond
AmeriPro Surety Bonds | 844-589-9732
Wyoming Money Transmitter License
The Wyoming Division of Banking is the regulatory and licensing body for money transmitters operating in the state.
Your license and surety bond are file through the Nationwide Mortgage Licensing System, known as NMLS.
The surety bond amount required of Wyoming money transmitters is according to the following formula:
- It is a minimum $10,000 surety bond amount;
- OR, 2.5 times the outstanding payment instruments, whichever amount is greater;
- And, the maximum surety bond amount required is $500,000.
Our agency will electronically file your money transmitter surety bond after its purchase; however, if you need help in determining the amount of surety bond required, you should contact Wyoming Division of Banking at: 307-777-7797.
Qualifying and the Premium
For applicants of the Wyoming money transmitter bond up to and including a $50,000 surety bond amount, you are automatically approved after completion of a short surety bond application.
This approval is automatic because there is no credit check for the bond up to this $50,000 amount; and the premium is 1.5% of the amount required.
When you call us, we’ll ask you some very basic questions. These include the name, exactly as it should appear on your bond, along with your address, email, and phone number.
After payment of the premium, the bond is approved and issued to you immediately. Again, we’ll electronically file it on your behalf.
Greater than $50,000 Surety Bond Requirement
For applicants who require a WY money transmitter surety bond greater than $50,000, qualifying is by the following:
- Completion of a shorty bond application, which includes your signature and that of witness. Please note that your application does not need to be notarized;
- Upon submission of a completed application, there is an underwriter review, which includes a business or personal credit check inquiry. In some cases, you may be asked to provide “additional information”. Typically this will mean a request for financial or banking statements. This may occur when your bond amount required reaches the upper 6-figure range;
- Your bond’s approval is based on good credit; the premium will be 1.5% of the bond’s amount.
Money Transmitter Surety Bond Term
Your Wyoming money transmitter surety bond is active for one year from the date of issuance. At the time of its renewal, you’ll provide us with the surety bond amount you require, and the premium will be adjusted accordingly.
Purpose Of This Surety Bond
Your surety bond is required in accordance with Wyoming statute 40-22-106.
This statute serves as a financial guarantee of your faithful compliance with receiving, handling and the transmission of money entrusted to your business. The statute also deals with issuing of payments.
AmeriPro Surety Bonds is a surety bonds-only agency. Our agency provides money transmitter surety bonds nationwide.
We are also an online provider of license and permit, court, probate, and other surety bonds in Wyoming and all 50 states.
Please call us today at:
Or, you may fill out the form below and a Surety Agent will contact you…