Money transmitter bond cost
The West Virginia Department of Financial Institutions 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 $300,000 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
West Virginia money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Chapter 32A of the West Virginia Code 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:
- knowingly or repeatedly violating Chapter 32A of the West Virginia Code or any rule or order lawfully made or
- issued pursuant to this article
- failing to remit its required renewal fees
- failing or refusing to keep the surety bond or other security required by section 10 of Chapter 32A
West Virginia money transmitter licenses remain in effect for one year and can be renewed with a $250 annual fee for the principal location and an additional $20 fee for each additional location. The applicant must have a minimum net worth of $50,000 to apply for this license.
Become a licensed money transmitter
applicants must provide the following information on the license application:
- legal name of the applicant and their principal business addresses
- location of the applicant’s official books and records
- list of all states in which the applicant currently conducts money transmission activity
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 West Virginia by purchasing the surety bond you need quickly, easily and accurately!
Apply for your surety bond
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