What is a Florida Money Services Business Bond?

Learn the facts about this important requirement for money transmitters!

Florida Money Services Business BondEvery money transmitter in the State of Florida is required to get bonded in order to become a:

  • Fund transmitter
  • Payment instrument seller
  • Foreign currency exchanger
  • Deferred presentment provider
  • Check casher

Here’s what you need to know about this bond:

A surety bond is a licensure prerequisite for all money transmitters in Florida. It will act as an assurance to the Financial Services Commission of the State of Florida, Office of Financial Regulation that the licensed money transmitter will engage in the business of transmitting funds in accordance with the appropriate laws.

Any default or wrongful act committed by the licensed money transmitter will be a ground for a bond claim. The person who has been injured by such act will be eligible for a financial compensation through the surety bond.

The surety bond requirement is in line with Section 560.209 of the Florida Statutes.

 

What is the Money Services Business Bond amount?

The bond amount will depend on the number of locations, anticipated transmission volume, and the financial capacity of the licensee.

$50,000 – minimum bond amount

$2,000,000 – maximum bond amount

If you have a stellar credit score, you will be eligible for a low bond premium, or just 1% of the bond amount! Get your FREE SURETY BOND QUOTE RIGHT HERE!

 

How can I get a Money Transmitter Bond?

Here’s a step-by-step bonding process that we have made easier so that you can get your bond in no time:

BOND APPLICATION

You must first apply for this type of surety bond. If you are ready to do this now, you may APPLY HERE!

Our expert surety bond agent will guide you through the entire process – from the time you have applied until the bond is issued to you.

ASSESSMENT

Next, you will be asked to submit a few important information that our underwriter will need to assess the following:

  • Your job or business history
  • Your credit score
  • Your financial strength

To avoid any delays, make sure that you have gathered the right information needed prior to submitting.

BOND ISSUANCE

Once the underwriting process is done, we will immediately issue your bond and send it to you right away!

 

What are the surety bond conditions?

  • The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of Florida
  • The surety bond should be made payable to the Financial Services Commission of the State of Florida as Head of the Office of Financial Regulation
  • The money transmitter should obey the provisions of Title XXXIII, Chapter 560 of the Florida Statutes, as well as the rules and regulations of the Florida Office of Financial Regulation
  • If the money transmitter commits a valid violation, the aggrieved party will be eligible to file for a claim against the bond

Ready to apply? START HERE!

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