Money transmitter bond cost
The Nevada Department of Business and Industry 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 $10,000 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 become bonded quickly, easily and accurately, call at 888.610.4474 or submit a bond request.
Why this bond
Nevada money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Chapter 671 of the Nevada Revenue Statute 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 include:
- Failure to pay the annual fee for renewal or the fee for late renewal
- Failure to maintain the required bond or securities
- Fraud, misrepresentation or omission of any material fact in any application, statement or report
- Failure to pay any judgment arising from the licensee’s business within 30 days after the judgement becomes final or within 30 days after the expiration after a stay of execution on the judgement
- Violation of any provision of Chapter 671 of the Nevada Revenue Statute or any regulation adopted or order issued by the commissioner pursuant to this chapter
Money transmitter bond details
Nevada money transmitter surety bonds remain in effect for one year after purchase and can be cancelled by the surety with 30 days written notice. The applicant must have a minimum net worth of $100,000 to apply for this bond.
Become a money transmitter
To become a licensed money transmitter in Nevada, applicants must provide the following information on the license application:
- Name and principal business address of the applicant
- Name and addresses, residential and business, of the applicant’s partners or proprietors
- Name and address of each of the applicant’s branch offices, subsidiaries or affiliates, if any, which will be operated under the license
In addition, applicants must submit a $375 application/investigation fee.
Upon the filing of the application, a mandatory investigation will be conducted to determine if all required criteria are met by the applicant.Take the first step toward becoming licensed in Nevada by purchasing the surety bond you need quickly, easily and accurately!
Apply for your surety bond
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