Money transmitter bond cost
The Maryland Office of the Commissioner of Financial Regulation requires money transmitters to post surety bonds before operating in the state. The bond amount will vary, but Maryland requires minimal coverage of $150,000 and maximum coverage of $2,000,000. Applicants should verify their required bond amount with the state prior to bonding.
The amount you’ll pay for your bond depends on a review of your personal credit report as well as your required bond amount.We can help you become bonded quickly, easily and accurately.
Why this bond
Maryland money transmitter surety bonds guarantee that principals (money transmitters) comply with Financial Institutions Title 12, Subtitle 4 of the Unannotated Code of Maryland. By posting the bond, money transmitters agree to abide by all applicable rules, laws and regulations, protecting their customers from fraudulent activity.
Maryland money transmitter bonds are continuous until canceled. If the principal or the surety choose to cancel the bond, they must provide written notice to the Office of Financial Regulation 30 days prior to cancellation.
Become a money transmitter
In order to legally operate as a money transmitter in Maryland, professionals must become licensed. Materials to be submitted for licensure include:
- Certificate of Good Standing from Maryland and/or from the state in which the applicant is incorporated
- $2,000 non-refundable license fee
- $1,000 non-refundable investigation fee
- Applicant must have 3 years of experience in money transmission or related financial business
- Business plan, including a detailed description or chart showing the flow of money for each transaction type
Take the first step toward becoming licensed in Maryland by purchasing the surety bond you need quickly, easily and accurately!
Apply for your surety bond
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