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Call us at 888.610.4474 info@hasslefreesuretybonds.com

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.

Give us a call at 888.610.4474 or submit a bond request to begin our fast and easy bonding process.

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

Get a FREE Money Transmitter Bond Quote Today! Click here to begin

 

Additional information