What is Utah Money Transmitter Bond?
Get licensed as a Money Transmitter in Utah through this bond!
A surety bond is one of the most important licensure requirements for Money Transmitters in Utah. It is mandated by the Utah Department of Financial Institutions in compliance with Title 7 Chapter 25 of the Utah Code Annotated or the Money Transmitter Act.
A Money Transmitter is a person who is engaged in the business of transmitting money within the United States or internationally.
This includes wire, payment instrument, facsimile, or electronic transfer.
What is the bond amount?
The bond amount is $50,000.
If you have an excellent credit score, you may be eligible to pay a very low bond premium or just 1% of the total bond amount!
Find out you need to pay for this bond today! Get your FREE quote here!
What are the Money Transmitter bond conditions?
- The bond should be issued by a corporate surety who is authorized to conduct business within the state and is licensed by the Utah Department of Insurance
- The Money Transmitter license applicant should comply with the provisions of Title 7 Chapter 25 of the Utah Code Annotated or the Money Transmitter Act, the rules and regulations of the Utah Department of Financial Institutions, and all the other rules that govern Money Transmitters in the State of Utah
- If the Licensed Money Transmitter commits a valid violation, the aggrieved party will be eligible to make a claim on the surety bond
- The surety bond should remain in effect for three years after the Money Transmitter has stopped its operation in the State of Utah
- The surety bond will continue to be valid until canceled. In case of cancellation, a 30-day notice is required
How can I obtain a Money Transmitter Bond?
To secure this type of bond, the Money Transmitter license applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond.
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
Ready to get started on this bond? Call us today!