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Money transmitter bond cost

The Banking Division of the Vermont Department of Financial Regulation 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.

Why this bond

Vermont money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Title 8 Chapter 79 of the Vermont 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 and causes for license suspension and revocation include:

  • engaging in fraud, intentional misrepresentation or gross negligence
  • failing to cooperate with an examination or investigation by the Commissioner of the Vermont Department of Financial Regulation
  • engaging in an unsafe or unsound practice

Vermont money transmitter licenses remain in effect for one year and can be renewed with a $500 annual fee. The applicant must have a minimum net worth of $100,000 to apply for this license.

Become a money transmitter

To become a licensed money transmitter in Vermont, applicants must provide the following information on the license application:

  • The legal name of the applicant and their residential and business addresses
  • A description of all money transmission services currently provided anywhere by the applicant and the money transmission services that the applicant seeks to provide in Vermont
  • A list of the applicant’s proposed authorized delegates and the locations in Vermont where the applicant and its authorized delegates propose to engage in money transmission

In addition, applicants must submit a nonrefundable $1,000 application fee.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 Vermont by purchasing the surety bond you need quickly, easily and accurately!

 

Apply for your surety bond

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