Check/Money Order Sellers/Money Transmitters/Private Bankers
Overview
What it is.
Check/Money Order Sellers/Money Transmitters/Private Bankers
Who usually needs it
Money transmitters operating in Minnesota, including individuals and businesses engaged in transmitting money through wire transfers, payment instruments, facsimile, or electronic transfers, as well as those who cash checks, operate ATMs, and provide electronic funds transfers, must obtain this surety bond as a condition of licensure under Minnesota Statute…
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.
StateMNBond amountVaries by license type or projectObligeeDepartment of Commerce of the State of MinnesotaBond classLicense BondCategoryOtherBondMoney TransmitterPlain descriptionCheck/Money Order Sellers/Money Transmitters/Private BankersWho needs this bondMoney transmitters operating in Minnesota, including individuals and businesses engaged in transmitting money through wire transfers, payment instruments, facsimile, or electronic transfers, as well as those who cash ch…
