Money transmitter bond cost
South Carolina has become the 49th state to regulate money transmitters, requiring a $50,000 bond plus $10,000 per each additional business location. The bond is not to exceed $250,000, though the Attorney General can increase the bond amount to $1 million at their discretion.
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.
Why this bond
Money transmitter bonds are required of businesses that sell or issue payment instruments, shared value-monetary value evidenced by an electronic record and/or receive money or monetary value for transmission. The bond ensures money transmitters in South Carolina adhere to the state’s Anti-Money Laundering Act and protects consumers if they do not abide by the law. Violation of industry laws can result in suspension or revocation of license.
Money transmitter bond details
South Carolina money transmitter surety bonds must cover claims for five years after the licensee no longer provides services in the state, though the Attorney General can alter the time period at his or her discretion.
Become a money transmitter
The information required for application submission is detailed in Section 35-11-205 of the Anti-Money Laundering Act. Some of the information includes the following:
- Applicant’s name, business and residential addresses and any trade names used in conducting business
- Any criminal convictions or material litigation the applicant has been involved in in the preceding ten years
- Description of money services the applicant has previously provided, and of services they intend to provide
- Name and address of any bank through which the applicant’s payment instruments or stored value will be paid
- Description of the source of money and credit the applicant will use to provide services
- Nonrefundable $1,500 application fee
- Licensing fee of $750 which will be refunded if the application is denied
Take the first step toward becoming licensed in South Carolina by purchasing the surety bond you need quickly, easily and accurately!
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