Any person engaged in the business of selling money orders or the business of money transmission in the Commonwealth of Virginia. Required when: Required as a condition of obtaining and maintaining a license to engage in money order sales or money transmission. Exemptions: Banks, trust companies, savings institutions,…
Overview
What it is.
Any person engaged in the business of selling money orders or the business of money transmission in the Commonwealth of Virginia. Required when: Required as a condition of obtaining and maintaining a license to engage in money order sales or money transmission. Exemptions: Banks, trust companies, savings institutions,…
Who usually needs it
Any person engaged in the business of selling money orders or the business of money transmission in the Commonwealth of Virginia.
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.
StateVABond amountThe bond amount is determined by the Commissioner of Financial Institutions and…Term lengthContinuousObligeeVirginia State Corporation Commission, Bureau of Financial InstitutionsRenewalThe bond must be maintained continuously as long as the licensee has outstanding obligations. Licenses are renewed annually through the Nationwide Multistate Licensing System (NMLS).Bond classLicense BondCategoryFinancial ServicesBondMoney Order Sales and Money Transmission BondStatutory referenceCode of Virginia § 6.2-1904JurisdictionState
