Surety Bond to Operate Money Transmission Business
Any person or business entity engaged in the business of money transmission in Kentucky, which includes receiving money or monetary value to transmit, deliver, or instruct to be transmitted or delivered to another location, or acting as a currency exchange. Required when: Applying for a license to engage in the busine…
Overview
What it is.
Any person or business entity engaged in the business of money transmission in Kentucky, which includes receiving money or monetary value to transmit, deliver, or instruct to be transmitted or delivered to another location, or acting as a currency exchange. Required when: Applying for a license to engage in the busine…
Who usually needs it
Any person or business entity engaged in the business of money transmission in Kentucky, which includes receiving money or monetary value to transmit, deliver, or instruct to be transmitted or delivered to another location, or acting as a 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.
StateKYBond amount$500,000Term lengthContinuousObligeeKentucky Department of Financial InstitutionsRenewalThe license must be renewed annually through the Nationwide Multistate Licensing System (NMLS) by December 31. The surety bond must remain in effect and be maintained as a condition of licensure.Bond classLicense BondCategoryFinancial ServicesBondSurety Bond to Operate Money Transmission BusinessStatutory referenceKRS 286.11-013JurisdictionState
