Money transmitter bond cost
Chapter 169 of the Massachusetts General Laws 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 $50,000 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
Massachusetts money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Chapter 169 of the Massachusetts General Laws 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 unjust financial harm.
Money transmitter bond details
Massachusetts money transmitter surety bonds only apply to money transfers to foreign countries.
Become a money transmitter
To become a licensed money transmitter in Massachusetts, applicants must provide the following information on the license application:
- exact name of the applicant
- name and complete address for the principal place of business
- description of the activities of the applicant
In addition, applicants must submit a nonrefundable application/investigation fee.Upon the filing of the application, a mandatory investigation will be conducted to determine if all required criteria were met by the applicant.
Apply for your surety bond
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