Money transmitter bond cost
Money transmitters in Nebraska must post a $100,000 surety bond before doing business in the state. The Department of Banking and Finance also requires an additional $5,000 of coverage for each additional location, not to exceed $250,000. Verify the amount of your bond coverage with the state before requesting a bond quote.
These bonds are subject to underwriting, meaning the price you’ll pay depends on many factors, including a review of your financial statement.
Why this bond
Money transmitter bonds ensure that the principal (money transmitter professionals) complies with all of the provisions of the Nebraska Money Transmitters Act. Violations of the act are outlined in
If the principal commits any of these violations, they are subject to investigation by the Department of Banking and Finance. Consequences range from license revocation to
Money transmitter bond details
This bond will remain in effect until cancellation. It can be canceled with written notice sent to the Director of the Department of Banking and Finance 30 days prior to the effective cancellation date.
Become a money transmitter
Nebraska money transmitters must apply and be approved for a license in order to legally conduct business in the state. Some of the licensing requirements are as follows:
- Licensing and investigation fees
- Net worth of at least $50,000
- Detailed business plan, including the types of services you intend to offer
- Applicant’s audited financial statements from the current year (and from the immediately preceding 2 years if available)
A complete list of licensing requirements can be found in the Important Links section under the Nationwide Mortgage Licensing System & Registry (NMLS) requirements.
Apply for your surety bond
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