Money transmitter bond cost
The New Hampshire Department of Banking 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 $100,000 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.We can typically provide your free, no-obligation bond quote within 1 business day of submitting an application.
Why this bond
New Hampshire money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Chapter 399-G of the New Hampshire Revised Statutes 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:
- failing to meet the standards established in Chapter 399-G
- making a false or misleading statement to the commissioner or in any reports to the commissioner
- engaging in dishonest practices while conducting money transmission
- violating applicable federal laws
New Hampshire money transmission surety bonds expire on December 31 and can be renewed with a $500 fee for the principal office and an additional $25 fee for each authorized delegate registration. The applicant must have a minimum net worth of $1,000,000 to apply for this bond.
Become a money transmitter
To become a licensed money transmitter in New Hampshire, applicants must provide the following information on the license application:
- Primary business address of the applicant
- Applicant’s tax identification number
- Address of applicant’s principal office and all authorized delegates within the state
- List of the principals of the applicant
- Statement of net worth
In addition, applicants must submit a nonrefundable $500 application/investigation fee for the principal location and an additional $25 fee for each authorized delegate registration.
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 New Hampshire by purchasing the surety bond you need quickly, easily and accurately!
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