Bond or other security device
Any person or entity engaging in the business of money transmission, which includes selling or issuing payment instruments, stored value, or receiving money or monetary value for transmission. Required when: Required as part of the application for a money transmitter license or upon approval of the application. Exempt…
Essential point: Pin down whether this is your bond, then start the application. Ava can confirm the right state and license type if you are not sure.
Amounts can vary
Selected requirement: "The bond amount shall be the greater of ten thousand dollars ($10,000.00) or t…. Other available requirements: "The bond amount shall be the greater of ten thousand dollars ($10,000.00) or two and one-half (2 1/2) times the outstanding payment instruments, not to exceed five hundred thousand dollars ($500,000.00). The commissioner may increase the …. Exact options still depend on the obligee, state, and underwriting.
