What is a Mississippi Check Cashers Bond?
Know the importance of his licensure requirement and how your business will benefit from it!
That is one of the major advantages that Check Cashers provide and live by. Millions of Americans seek their services each year to immediately access their money.
We understand the need for a service without unnecessary delay. And that’s exactly what we provide our clients.
A surety bond is one of the primary eligibility requirements when applying for a Check Casher’s license in Mississippi.
Its purpose is to guarantee compliance with the laws and regulations that are relevant to the license issued to the Check Casher by the Mississippi Department of Banking and Consumer Finance.
Aside from that, the surety bond will be conditioned to financially compensate any person that will be harmed by the licensed Check Casher’s misconduct or fraudulent acts.
The requirement is mandated by Section 75-67-509 of the Mississippi Code Annotated or the Mississippi Check Cashers Act.
What is the Check Cashers Bond amount?
The bond amount is $10,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium! Bond premium starts at $100.
Want to get a tailored quote ASAP? Get your FREE SURETY BOND QUOTE HERE!
What are the bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of Mississippi
- The surety bond should be made payable to the State of Mississippi
- The surety bond should be filed with the Mississippi Commissioner of Banking and Consumer Finance
- The licensed Check Casher is obligated to comply with the provisions of Section 75-67 of the Mississippi Code Annotated or the Mississippi Check Cashers Act, the rules and regulations of the Mississippi Department of Banking and Consumer Finance, and all the other applicable rules
- If the licensed Check Casher commits a valid violation, the aggrieved party will be eligible to file a claim on the surety bond
- The surety bond may be renewed yearly by submitting a continuation certificate
How can I obtain a Check Cashers Bond?
We’ve made it easier for you! Just follow the simple steps below!
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 for a couple of important information needed for the bond. This will include your financial history, business performance history, and your credit score. An underwriter will carefully evaluate all those.
STEP 3: Bond execution
Once the underwriter is done with the underwriting process, we will immediately issue the bond and send it to you!
If you have any questions about this surety bond, please do not hesitate to ask us. Call us at 800-333-7800!