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Surety Bond (Alabama Monetary Transmission Act)

Any person engaging in the business of money transmission, which includes debt management services that receive money from obligors for the purpose of paying the obligors' bills or accounts. Required when: Applying for a license under the Alabama Monetary Transmission Act. Exemptions: Banks, bank holding companies, se…

Bond amount$100,000
State or jurisdictionAlabama
ObligeeAlabama Securities Commission

Essential point: 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.

Amounts can vary

Selected requirement: $100,000. Other available requirements: "The greater of $100,000 or the average daily outstanding obligations for money received for transmission in Alabama plus 50 percent of the average daily outstanding payment instrument and stored value obligations in Alabama. The Commissio…. Exact options still depend on the obligee, state, and underwriting.

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Overview

What it is.

Any person engaging in the business of money transmission, which includes debt management services that receive money from obligors for the purpose of paying the obligors' bills or accounts. Required when: Applying for a license under the Alabama Monetary Transmission Act. Exemptions: Banks, bank holding companies, se…

Who usually needs it

Any person engaging in the business of money transmission, which includes debt management services that receive money from obligors for the purpose of paying the obligors' bills or accounts.

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 depending on the specific bond type, state program, or underwriting requirements.

Your quote determines the actual premium.

Typical timeframe

Issuance timeframe varies by bond type and underwriting

Timing can change when underwriting needs more information.
Application details

How it works.

  1. Start the application

    Confirm the bond and provide applicant and business details.

  2. Review the quote

    See the terms and premium before deciding to continue.

  3. Pay and sign

    Complete the required payment and signatures.

  4. Receive the bond

    Get the issued bond and filing or delivery instructions.

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Frequently asked

Common questions.

Who is the obligee on the Alabama Monetary Transmission Act surety bond?

The obligee is the Alabama Securities Commission.

Does a debt management service need this bond if it receives money from obligors to pay their bills or accounts?

Yes. Money transmission includes debt management services that receive money from obligors for the purpose of paying the obligors' bills or accounts, and the bond is required when applying for a license under the Alabama Monetary Transmission Act.

What is the required bond amount for the Alabama Monetary Transmission Act surety bond?

The required bond amount is $100,000.

Next step

Ready to move forward?

Start the secure application with this bond already selected, or ask Ava a question before you begin.

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