Money transmitter bond cost
The Ohio Superintendent of Financial Institutions requires money transmitters to post surety bonds in order to legally conduct business within the state. Prior to reaching out to a surety specialist, applicants should contact the state to determine the exact bond premium that they need to post. Money transmitter bond amounts in Ohio must be between $300,000 and $2 million.
Money transmitter bonds are subject to underwriting, meaning an evaluation of your financials will be necessary to determine your exact premium. The experts make the bonding process fast and easy for all applicants.
Why this bond
Ohio money transmitter bonds ensure that principals (money transmitters) conduct services while remaining in compliance with Chapter 1315 of the Ohio Revised Code Annotated 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 financial damages that they did not commit themselves. Under the conditions of this bond, principals must do the following in order to remain in compliance with state regulations:
- have a minimum net worth of $500,000
- be a legally established business entity within the state
- allow the superintendent to make any necessary examinations
- conduct business in a safe and sound manner
- not have any suspended payments If the principal violates any provisions of the bond, the surety will cover all damages up to the penal sum of the bond.
- The principal must then reimburse the surety in a timely manner.
Money transmitter bond details
Ohio money transmitters must remain in compliance with Section 1315.07 of the Ohio Revised Code. To contact the obligee, please refer to the following address:
Superintendent of Financial Institutions of the State of Ohio
77 South High Street, Columbus, Ohio 43215-6120
Become a money transmitter
To become a licensed money transmitter in Ohio, applicants must provide the following information on the license application:
- exact name of the applicant
- business web page address URL
- principal office street address
- parent company name and address
- signature of a notary public
In addition, applicants must submit a nonrefundable filing and investigation fee.Take the first step toward becoming licensed in Ohio by purchasing the surety bond you need quickly, easily and accurately!
Apply for your surety bond
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