Money transmitter bond cost
The Wyoming Division of Banking requires money transmitters in the state to post a surety bond as part of their licensing requirements. The bond coverage amount must be at least $10,000 and no more than $500,000, as determined by the Commissioner. Applicants should verify their bond amount with the state prior to requesting their bond quote.
Why this bond
Money transmitter bonds ensure that principals (money transmitter professionals) comply with the Money Transmitter Act in Title 40, Chapter 22 of the Wyoming Statutes. Violations include:
- Net worth becoming inadequate or the licensee becomes insolvent
- Licensee refuses to permit commissioner to conduct permitted investigations
- Licensee conducts business in an unsafe or unsound manner
In the event that the principal violates the terms of the act, claims can be filed against the surety bond. The bond will pay out for damages up to the full amount of its coverage, and the principal must reimburse the bond for any paid claims.
Money transmitter bond details
This bond will remain in effect until cancellation. It can be canceled with 30 days’ written notice to the Commissioner of Banking for the state of Wyoming.
Apply for your surety bond
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