Money transmitter bond cost
The North Dakota 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.
Why this bond
North Dakota money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Chapter 13-09 of the North Dakota Century 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 include:
- The licensee violates any provisions of Chapter 13-09
- The licensee conducts its business in an unsafe or unsound manner
- The licensee applies for an adjudication of bankruptcy
Other acts of malpractice can be found below in the Additional information section.
Money transmitter bond details
North Dakota money transmitter surety bonds remain in effect for one year after purchase and can be renewed each year with a $450 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 North Dakota, applicants must provide the following information on the license application:
- The exact name of the applicant and their principal address
- A description of the activities conducted by the applicant and a history of operations
- A list identifying the applicant’s proposed authorized representatives in this state
Other required information can be found below in the Additional information section. In addition, applicants must submit a nonrefundable $450 application/investigation fee for their license.
Upon the filing of the application, a mandatory investigation will be conducted to determine if all required criteria are met by the applicant.
Apply for your surety bond
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