What is an Oregon Money Transmitter Bond?
Are you about to engage in a business that involves money processing activities and transmission within the state of Oregon? If you are, then don’t fail to secure a state license to operate a money transmitting business or fail to register with the Department of Treasury. Failure to comply with these requirements can mean considerable criminal fines and imprisonment. More than getting a license, you also need to post an Oregon Money Transmitter Bond.
The Oregon Money Transmitter Bond is a foolproof assurance that will protect all consumers as you express your genuine desire to strictly meet all the terms contained in the money transmitting trade registration requisites mandated within Chapter 717 of the Oregon Revised Statutes, the stipulations laid down within the Oregon Money Transmitters Act and all other laws relevant to the trade of money transmission in the state of Oregon. Additionally, it is an indisputable warranty that you will act decently and according to authorized measures. 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.
Oregon money transmitters like you shall provide a $25,000 guarantee plus a $5,000 bond for each additional location or branch.
Why do you need an Oregon Money Transmitter Bond?
The bond is extremely necessary. As you are a business engaged in the trade of funds transfer, it is vital that your clients and other stakeholders involved, 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 thereby translating it into lasting trust and confidence for your business.
More details about the Oregon Money Transmitter Bond
Before getting bonded, you need to submit a criminal background check and authorization to the Oregon Department of Consumer and Business Services Division of Financial Regulation. In some cases, you can submit a deposit to the aforementioned agency instead of this bond.
What is the cost of an Oregon Money Transmitter Bond?
There are no prearranged amounts for this kind of 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.
How do I get an Oregon Money Transmitter Bond?
Obtaining a bond is not difficult. 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.
So as not to waste time and effort, contact only genuine professionals. 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.