What is a Hawaii Money Transmitter Bond?
Instead of merely looking at organizational processes as methods of hauling out more economic value (money and capital assets), great businesses create structures that employ societal significance and human values as decision-making benchmarks.
It is believed that big companies have a function and comply with stakeholders’ needs in several ways — by generating commodities and services that enhance the lives of users; affording employment and advancing workers’ quality of life; developing a robust organization of suppliers and business collaborators; and by guaranteeing financial feasibility, which makes available resources for advancements, modernization, and profits to shareholders. Thus, to seek legitimacy or public endorsement by bringing into line corporate goals with social values has become a business necessity. A way for an entrepreneur engaged in money transmitting within the state of Hawaii to show his/her desire of aligning business goals with social value is by acquiring a Money Transmitter Bond.
The Hawaii Money Transmitter Bond is fail-safe security that will protect all consumers as you express your genuine desire to strictly meet all the terms contained in the money conveyance trade registration requisites contained in the money transmitter laws and observe the provisions laid down in the Hawaii Money Transmitters Act. Additionally, it is an indisputable warranty that you will act decently and will perform services under Chapter 489D of the Hawaii Money Transmitters Act and all other relevant laws to the business of money transmission in the state. If and when appropriate transmission of money has not been complied with, the party whose money was mismanaged, misused or botched, will be compensated through the bond.
Why do you need a Hawaii Money Transmitter Bond?
The Hawaii Transmitter Bond is extremely necessary. As you are a business engaged in the trade of funds transfer, your clients and other stakeholders involved must know that you are operating your business by the state’s money transmission laws and all other regulations applicable to the industry of money transfer. This will give your clients peace of mind that could be translated into lasting trust and confidence for your business.
More details about the Hawaii Money Transmitter Bond
There are no prearranged amounts for the Hawaii Transmitter Bond. The amounts will differ and are significantly reliant on your individual financial strength as demonstrated by your credit score. Due to the risks involved in this transaction, the actual rate of the bond premium is higher than most surety bonds.
What is the cost of a Hawaii Money Transmitter Bond?
Obtaining the Hawaii Transmitter Bond is easy. Once required documents have been submitted and inquiries answered, the surety bond company will conduct a preliminary assessment. Based on the outcomes of the appraisal, your money transmitter bond application will either be approved, or you will be requested to present additional documentation to aid the underwriting process.
How do I get a Hawaii Money Transmitter Bond?
So as not to waste time and effort, contact only legitimate practitioners in the field of surety. Give Surety Bond Authority specialists a call! You will have the answers you need and the solution you need to protect your business and your clients.