What is a Georgia Check Sellers or Money Transmission Bond?

See why this surety bond matters and how to apply for one!

Georgia Check Sellers or Money Transmission BondYou need this surety bond if you are not any of the following:

  • Bank, savings bank, trust company, savings and loan association, or credit union with deposits that are federally insured
  • United States Postal Service

Let’s first define and differentiate the two:

Check Sellers are business entities that sell or issue checks. Check sellers include money transmission.

Money Transmission means the transmission of money through electronic transfer, facsimile, order, or wire within and outside of the United States.

In order to perform the said tasks, check sellers and money transmitters are required by Georgia’s Department of Banking and Finance to apply for a license or the Seller-Issuer of Payment Instruments.

The surety bond, in compliance with Section 7-1-683 of the Georgia Code, will act as a guarantee that the licensed check seller or money transmitter will pay all the money due to any person who filed a complaint because of the licensee’s misconduct or inability to perform an obligation.

 

What is the Check Sellers or Money Transmission Bond amount?

Check Seller – $100,000 for the primary location plus $5,000 for each additional location within Georgia. However, the bond amount should not exceed $250,000.

Money Transmitter – $50,000 for the primary location plus $5,000 for each additional location within Georgia. However, the bond amount should not exceed $250,000.

If you have an excellent credit score, you will be eligible to pay for a low bond premium or as low as 1% of the bond amount!

Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!

 

How can I get this bond?

STEP 1: Apply for the bond

You need to submit a bond application to us. If you’re ready to apply now, you may do so HERE!

STEP 2: Underwriting

We will ask you a couple of important information needed for the bond. This will include your financial history, business performance history, and your credit score. An expert underwriter will take a thorough look on all those.

STEP 3: Bond execution

Once the underwriter is done with the prequalification process, we will immediately issue the bond and send it to you!

 

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 Georgia
  • The surety bond should be made payable to the State of Georgia
  • The licensee should comply with the provisions of Section 7-1-4 of the Georgia Code as well as the rules and regulations of the Georgia Department of Banking and Finance
  • In case of a violation, the aggrieved party will be eligible to file a claim on the surety bond
  • Georgia’s Department of Banking and Finance may increase the bond amount to protect the check holders

Ready to apply? START HERE!

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