Money transmitter bond cost
The Idaho Department of Finance 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 $10,000 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
Idaho money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Chapter 29 of Title 26 in the Idaho Statutes 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 include:
- The licensee violates any provisions of Chapter 29
- The licensee conducts its business in an unsafe or unsound manner
- The licensee applies for an adjudication of bankruptcy
Other acts of malpractice can be found below in the Important Links section.
Money transmitter bond details
The applicant must have a minimum net worth of $50,000 to apply for this bond. Each additional location or authorized delegate requires an additional $25,000 of net worth.
Become a money transmitter
To become a licensed money transmitter in Idaho, applicants must provide the following information on the license application:
- The exact name of the applicant and their principal address
- A description of the activities conducted by the applicant and a history of operations
- A list identifying the applicant’s proposed authorized representatives in this state
In addition, applicants must submit a $100 application fee for the principal office. Upon the filing of the application, a mandatory investigation will be conducted to determine if all required criteria are met by the applicant.
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