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…
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 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.
StateALBond amount$100,000Term lengthContinuousObligeeAlabama Securities CommissionRenewalLicensees must submit a renewal report (Form MTR) and renewal fee by March 15 of each year to renew the license for the period starting April 1. The bond must be maintained and updated if transaction volume requires an …Bond classLicense BondCategoryGovernmentBondSurety Bond (Alabama Monetary Transmission Act)Statutory referenceCode of Alabama 1975, § 8-7A-7JurisdictionState
