Any person engaging in the business of money transmission in Connecticut, which includes issuing or selling payment instruments or stored value, and receiving money or monetary value for transmission (including currency exchange). Required when: Required as a condition for the issuance and retention of a money transmi…
Overview
What it is.
Any person engaging in the business of money transmission in Connecticut, which includes issuing or selling payment instruments or stored value, and receiving money or monetary value for transmission (including currency exchange). Required when: Required as a condition for the issuance and retention of a money transmi…
Who usually needs it
Any person engaging in the business of money transmission in Connecticut, which includes issuing or selling payment instruments or stored value, and receiving money or monetary value for transmission (including currency exchange).
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.
StateCTBond amountThe bond amount is based on the average weekly amount of money transmissions in…Term lengthContinuousObligeeConnecticut Department of BankingRenewalThe bond must be maintained for the duration of the license and is renewed annually through the Nationwide Multistate Licensing System (NMLS).Bond classLicense BondCategoryFinancial ServicesBondMoney Transmitter BondStatutory referenceConnecticut General Statutes Section 36a-602JurisdictionState
