Cashing of Checks, Drafts, and Money Orders Surety Bond
Any person engaging in the business of cashing checks, drafts, or money orders for a consideration (fee) in excess of ten cents per item. Required when: Application for a license to engage in the business of cashing checks, drafts, or money orders. Exemptions: Checks cashed without consideration; checks cashed as an i…
Overview
What it is.
Any person engaging in the business of cashing checks, drafts, or money orders for a consideration (fee) in excess of ten cents per item. Required when: Application for a license to engage in the business of cashing checks, drafts, or money orders. Exemptions: Checks cashed without consideration; checks cashed as an i…
Who usually needs it
Any person engaging in the business of cashing checks, drafts, or money orders for a consideration (fee) in excess of ten cents per item.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateDEBond amount$5,000Term lengthContinuousObligeeOffice of the State Bank CommissionerRenewalLicenses are renewed annually. The bond must be maintained continuously or a continuation certificate must be provided during the annual license renewal process.Bond classLicense BondCategoryFinancial ServicesBondCashing of Checks, Drafts, and Money Orders Surety BondStatutory reference5 Del. C. § 2714JurisdictionState
