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Money transmission services bond cost

The Georgia Department of Banking and Finance requires money transmission professionals to post surety bonds in order to legally work within the state. The minimum bond amount is set at $100,000, and the bond amount may increase if the department deems it necessary. However, in no event can the amount be greater than $2,000,000. Since the bond amount varies, applicants must verify their required bond amount with the state prior to bonding.

These bonds are subject to underwriting, so the amount you’ll pay depends on a review of your personal credit report as well as your required bond amount. Don’t let less-than-stellar credit stop you from getting the bond you need. The experts at Surety Bonds make the bonding process fast and easy for all applicants.

Why this bond

Georgia money transmitter surety bonds guarantee that principals (money transmitter professionals) conduct business in compliance with 7-1-680 through 692 of the Official Code of Georgia Annotated and all other laws applicable to the business of check cashing and money transmission. Specifically, the bond ensures that principals will pay all money— including, but not limited to fees, fines, and penalties— owed to the state or any person due to violation of the law by the principal while on the job.

Money transmission services bond details

Georgia money transmitter surety bonds remain in full force and effect until canceled and can be continued by providing the state with an annual license renewal certificate.

The surety can cancel the bond by providing written notice of cancellation to the Department of Banking and Finance by registered or certified mail with return receipt requested. Cancellation becomes effective no less than 30 days after the department receives this notice.

Become a money transmitter

To become a licensed money transmitter in Georgia, applicants must provide the following information on the license application:

  • Legal name and principal office address of the corporation
  • Name, residence and business address of each director or equivalent official or each officer who will be involved in selling checks in the state
  • Date and place of incorporation
  • Financial statements and pertinent information the department may require

Upon the filing of the application, a mandatory investigation and criminal background check will be conducted to determine whether the applicant meets all required criteria. Licenses expire December 31 every year, so renewal applications must be submitted by December 1 to allow plenty of time for the renewal to be processed.

Before Georgia money transmitter applicants can receive their license, they must register as a money services business (MSB) with the Federal Crimes Enforcement Network. This process is completed through the BSA E-Filing System. Helfpul information for this process can be found in the Additional information sections below.

Take the first step toward becoming licensed in Georgia by purchasing the surety bond you need quickly, easily and accurately!

Apply for your surety bond

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