Money transmitter and money order/travelers check issuer bond cost
The state of Maine’s Bureau of Consumer Credit Protection requires money transmitters and issuers of money orders and travelers checks to post a surety bond as part of their licensing requirements. Normally, required bond coverage amount is $100,000.
These bonds are subject to underwriting, so your bond premium will vary depending on several components, including a review of your financial reports. Having your financial documents ready can speed up the bonding process.
Why this bond
Money transmitter and money order/travelers check issuer bonds ensure that money services businesses (principals) act in compliance with the Money Transmitters Act in the Maine Revised Statutes. In the event that the principal violates any provisions of the act, the bond protects money services customers from financial harm.
The bond remains in full force and effect and runs concurrently with the licensing period. To cancel the bond, 30 days’ written notice must be provided to the Superintendent of the Bureau of Consumer Credit Protection.
Become a money transmitter
Maine money transmitters and issuers of money orders and travelers checks are required to obtain a license to operate legally. Some requirements for all applicants include:
- Net worth of at least $100,000
- List of locations where the applicant intends to conduct business
- $500 non-refundable application fee, plus $50 for each authorized delegate, not to exceed $2,500
The state also requires different materials for corporate and noncorporate applicants. See the Maine Revised Statutes for a full list of licensing requirements.
Apply for your surety bond
Get a FREE Maine Money Transmitter and Money Order/Travelers check issuer bond Quote Today! Click here to begin