Money transmitter bond cost
The Arizona 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 $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
Arizona money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Chapter 12 of the Arizona 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. Acts of malpractice include:
- The licensee making a material misstatement or suppressed or withheld information on an application for a license
- The licensee refuses to permit the superintendent or the attorney general to make an authorized examination
- The licensee knowingly fails to make any report required by Chapter 12
Arizona money transmission surety bonds remain in effect for one year after purchase and can be renewed each year with a $500 fee. The applicant must have a minimum net worth of $100,000 to apply for this bond.
Become a money transmitter
To become a licensed money transmitter in Arizona, applicants must provide the following information on the license application:
- The address of the applicant’s principal place of business, the address of each location where the applicant intends to transact business in the state, including any branch offices, and the name and address of each location of any authorized delegates
- Copies of the articles of incorporation for the applicant, a listing of all trade names or fictitious names used by the applicant and other information concerning the corporate status of the applicant
- A financial statement audited by a licensed independent certified public accountant
In addition, applicants must submit a $1,500 application/investigation fee for the principal office. There is an additional $25 fee for each additional location.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 Arizona by purchasing the surety bond you need quickly, easily and accurately!
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