What is a New Jersey Money Transmitter Bond?

A quick guide to the money transmitter surety bond in New Jersey! 

New Jersey Money Transmitter BondBefore a money transmitter can do the following, he or she must first obtain a license and a surety bond: 

  • Issue or sell payment instruments 
  • Receive money for transmission within the United States or outside of the country through electronic transfer, facsimile, wire, or payment instrument 
  • Receive money for the payment of bills 

Aside from ensuring a fair and honest performance of obligations, the surety bond will also serve as a financial security in the event of a misconduct committed by the money transmitter. 

This requirement is in pursuance of the New Jersey Money Transmitters Act (N.J.S.A. 17:15C-1 et seq.). 

 

What is the Money Transmitter Bond amount? 

$100,000 – minimum bond amount 

$1,000,000 – maximum bond amount 

Bond amount for persons that exclusively engage in the business of a foreign money transmitter: 

Annual Volume of BusinessBond Amount 

Up to and including $500,000 $25,000 

$500,000 – $1,000,000 $30,000 

$1,000,000 – $2,000,000 $35,000 

$2,000,000 – $3,000,000 $40,000 

$3,000,000 – $4,000,000 $45,000 

4,000,000 – $5,000,000 $50,000 

$5,000,000 – $6,000,000 $55,000 

$6,000,000 – $7,000,000 $60,000 

$7,000,000 – $8,000,000 $65,000 

$8,000,000 – $9,000,000 $70,000 

$9,000,000 – $10,000,000 $75,000 

$10,000,000 – $11,000,000 $80,000 

$11,000,000 – $12,000,000 $85,000 

$12,000,000 – $13,000,000 $90,000 

$13,000,000 – $14,000,000 $95,000 

$14,000,000 – $15,000,000 $100,000 

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

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

 

How can I obtain a Money Transmitter Bond? 

By following 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 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!  

 

What are the surety bond conditions?

Ready to apply for your surety bond? START HERE! 

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