Money transmitter bond cost
The Office of the Delaware Bank Commissioner requires money transmission professionals to post surety bonds to legally work within the state. Before beginning the bonding process, applicants should verify their required bond amount with the state in which they choose to do business. This bond must have $25,000 minimum coverage.
This specific bond type is subject to underwriting, meaning the amount you’ll pay depends on a review of your personal credit report as well as your required bond amount. Don’t worry about bad credit affecting your chance of posting a bond. The experts at Surety Bonds make the bonding process fast and easy for all applicants.
Why this bond
Delaware money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with the Delaware Sale of Checks Act (Delaware Code Title 5 Chapter 23) and all other laws applicable to the business of money transmission.
If fraudulent activity occurs as a result of malpractice conducted by the principal, consumers will not face any financial harm. Acts of malpractice and causes for license suspension and revocation include:
- Violating any provision of the Delaware Sale of Checks Act or any rule or regulation made by the Commissioner under and within the authority of this chapter or of any other law, rule or regulation of Delaware or the United States
- Hiding any fact or condition which, if it had existed at the time of the original application for such license, would have warranted the Commissioner in refusing originally to issue such license
- Engaging in business activities or practices which mislead the consumer, misrepresent the consumer transaction or any part thereof, or otherwise create false expectations on the part of the consumer
Other causes for license suspension and revocation can be found below in the Additional information section.
Money transmitter bond details
Delaware money transmitter licenses remain in effect for one year and can be renewed with a $230 annual fee for the principal location. The applicant must have a minimum net worth of $100,000 to apply for this license.
Become a money transmitter
To become a licensed money transmitter in Delaware, applicants must provide the name and business and residential addresses of:
- The proprietor, if the applicant is an individual
- Every member, if the applicant is a partnership or unincorporated association
- The corporation and each officer and director thereof, if the applicant is a corporation, stating the date and the state of incorporation
Other license application requirements can be found below in the Additional information section. In addition, applicants must submit a nonrefundable $172.50 investigation fee and a $230 initial license fee.
Upon the filing of the application, a mandatory investigation will be conducted to determine if all required criteria are met by the applicant. Take the first step toward becoming licensed in Delaware by purchasing the surety bond you need quickly, easily and accurately!
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