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License Bond

Currency Exchange Surety Bond

Currency exchanges (persons engaged in the business of cashing checks, drafts, money orders, or travelers' checks for a fee). Required when: Before a license may be issued to a currency exchange. Exemptions: Banks, trust companies, savings banks, savings associations, credit unions, industrial loan and thrift companie…

Overview

What it is.

Currency exchanges (persons engaged in the business of cashing checks, drafts, money orders, or travelers' checks for a fee). Required when: Before a license may be issued to a currency exchange. Exemptions: Banks, trust companies, savings banks, savings associations, credit unions, industrial loan and thrift companie…

Who usually needs it

Currency exchanges (persons engaged in the business of cashing checks, drafts, money orders, or travelers' checks 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.

StateMN
Bond amount$10,000
Term lengthAnnual
ObligeeMinnesota Department of Commerce
RenewalThe bond must be filed annually with and approved by the commissioner as part of the license renewal process.
Bond classLicense Bond
CategoryFinancial Services
BondCurrency Exchange Surety Bond
Statutory referenceMinnesota Statutes, Section 53A.08
JurisdictionState
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Next step

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