Money transmitter bond cost
The Louisiana Office 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 $25,000 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
Louisiana money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Title 6, Chapter 13 of the Louisiana Revenue 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.
Causes for license suspension and revocation include:
- Violating any of the provisions of Title 6 Chapter 13
- Violating any provision of a voluntary consent or compliance agreement which has been entered into with the Commissioner of the Louisiana Office of Financial Institutions
- Knowingly providing or causing to be provided to the commissioner any information, which if submitted by him, would have resulted in denial of the license application
The applicant must have a minimum net worth of $100,000 to apply for a Louisiana money transmitter license.
Become a money transmitter
- To become a licensed money transmitter in Louisiana, applicants must provide, at a minimum, the full name and street address of each member in an ownership position.
- The full language for license application requirements can be found below in the “Important Links” section.
- In addition, applicants must submit a nonrefundable $3,000 application/investigation 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 Louisiana by purchasing the surety bond you need quickly, easily and accurately!
Apply for your surety bond
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