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License Bond

Community Currency Exchange Bond

Any person, firm, association, partnership or corporation engaging in the business of a community currency exchange (cashing checks, drafts, money orders, or other evidences of money for a fee). Required when: Before any license is issued to a community currency exchange. Exemptions: Banks, federal banks, savings bank…

Overview

What it is.

Any person, firm, association, partnership or corporation engaging in the business of a community currency exchange (cashing checks, drafts, money orders, or other evidences of money for a fee). Required when: Before any license is issued to a community currency exchange. Exemptions: Banks, federal banks, savings bank…

Who usually needs it

Any person, firm, association, partnership or corporation engaging in the business of a community currency exchange (cashing checks, drafts, money orders, or other evidences of money for a fee).

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.

  1. Tell us the bond name, state, and amount on your form.
  2. Share business and applicant info so the team can quote it.
  3. Sign and pay; we issue the bond and send you the documents.
  4. 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.

Details

Bond details.

StateWI
Bond amount$5,000
Term lengthContinuous
ObligeeWisconsin Department of Financial Institutions - Division of Banking
RenewalLicenses must be renewed annually. The bond is continuous until cancelled but must be maintained as a condition of licensure. Starting January 1, 2025, licensees are required to manage their licenses and bond filings th…
Bond classLicense Bond
CategoryFinancial Services
BondCommunity Currency Exchange Bond
Statutory referenceWis. Stat. § 218.05(3)(c)
JurisdictionState
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Next step

Ready to move forward?

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.