Money transmitter bond cost
The Indiana Department of Financial Institutions 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 $200,000 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.
Why this bond
Indiana money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Title 28 Chapter 4 of the Indiana Code 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:
- Repeatedly and willfully violating Title 28 Chapter 4 or any other state or federal law applicable to the business of money transmission
- Obtaining the license for the benefit of, or on behalf of, a person who does not qualify for the license
- Knowingly or intentionally making material misrepresentations to, or concealed material information from the Indiana Department of Financial Institutions
- Other causes for license suspension and revocation can be found below in the Important Links section.
Money transmitter bond details
Indiana money transmitter licenses can be renewed with a $750 fee for the principal location and an additional $10 for each additional location. The applicant must have a minimum net worth of $100,000 to apply for this license.
Become a licensed money transmitter
applicants must provide the following information on the license application:
- The name of the applicant and their principal address
- The location of the applicant’s business record
- A description of the activities conducted by the applicant, the applicant’s history of operations, and the business activities in which the applicant seeks to be engaged in Indiana
In addition, applicants must submit a nonrefundable $1,000 application/investigation fee.
Upon the filing of the application, a mandatory investigation will be conducted to determine if all required criteria are met by the applicant.
Apply for your surety bond
Get a FREE Money Transmitter Bond Quote Today! Click here to begin