Money transmitter bond cost
The Mississippi Department of Banking and Consumer 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 $25,000 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 make the bonding process fast and easy for all applicants.If you’re ready to get bonded, Give us a call at 888.610.4474 or submit a bond request to begin our fast and easy bonding process.
Why the bond
Mississippi money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with the Mississippi Money Transmitters Act (Mississippi Code 75-15) 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:
- violating any provision of the Mississippi Money Transmitters Act
- failing to pay the annual license fee
- failing to deposit a required surety bond
Money transmitter bond details
Mississippi money transmitter licenses require an initial $750 fee and can be renewed annually for $400. The applicant must have a minimum net worth of $25,000 to apply for this license.
Become a money transmitter
To become a licensed money transmitter in Mississippi, applicants must provide the full name and business address of:
- The proprietor, if the applicant is an individual
- Every member, if the applicant is a partnership or association
- The corporation and each executive officer and director thereof, if the applicant is a corporation
- Every trustee and officer if the applicant is a trust
In addition, applicants must submit a $50 application/investigation fee.Take the first step toward becoming licensed in Mississippi by purchasing the surety bond you need quickly, easily and accurately!
Apply for your surety bond
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