Money transmitter bond cost
The New Jersey Department of Banking and Insurance requires money transmission professionals to post surety bonds in order to legally operate and perform services as a money transmitter within the state. Before reaching out to a surety expert to start the bonding process, applicants should contact the state in order to find out the exact bond amount they’ll need to post. Money transmitter bond amounts in New Jersey must range between $100,000 and $1 million.
Why this bond
New Jersey money transmitter bonds exist to ensure that principals (money transmitters) perform services in accordance with Section 17:15-1C of the New Jersey Statutes Annotated, the Money Transmitters Act and all other laws applicable to the business of money transmission. If the principal conducts business in a dishonest manner, consumers will not be held responsible for any financial damages. The principal will then be responsible for reimbursing the surety for any expenses used to cover consumers.
Money transmitter bond details
New Jersey money transmitter bonds run continuously unless otherwise cancelled. If the surety or principal decide to terminate the bond at any time, 30 days’ written notice must be submitted to the obligee announcing said cancellation.
Become a money transmitter
To become a licensed money transmitter in New Jersey, applicants must submit the following pieces of information or documentation at the time of application:
- Application prescribed by the Department
- Copy of financial statement
- Company check or money order
- Nonrefundable licensing fee
Apply for your surety bond
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- Money Transmitter/Foreign Money Transmitter Bond Form
- Money Transmitter License Application Instructions
- Department of Banking and Insurance – Money Transmitter Frequently Asked Questions
- Department of Banking and Insurance – Money Transmitter Information
- New Jersey Administrative Code: New Jersey Money Transmitters Act