What is a Virginia Money Order Sales and Money Transmission Bond?
Know the who, what, and how of this surety bond today!
What is a Money Order Sales and Money Transmission Bond?
The surety bond will serve as a financial guarantee to the State Corporation Commission of the Commonwealth of Virginia that the money order seller or money transmitter will perform the following obligations in accordance with the applicable statutes and rules:
- Sell or issue traveler’s check, draft, checks, or other instrument for the payment of transmission of money or monetary value.
- Receive money or monetary value for transmission purposes. This can be conducted through facsimile, electronic means, wire, or other means or selling or issuing stored value.
If the licensed money order seller or money transmitter fails to perform any of their bonded obligations, the person who has been harmed by the misconduct will be compensated by filing a bond claim.
What is the Money Order Sales and Money Transmission Bond amount?
The bond amount will vary per applicant. This will be determined by the Commissioner of Financial Institutions of the Commonwealth of Virginia.
$25,000 – minimum bond amount
$1,000,000 – maximum bond amount
If you have determined your bond amount, you may check your bond premium by getting your FREE QUOTE HERE from us!
How can I get a Virginia Money Order Sales and Money Transmission Bond?
Here’s a step-by-step bonding process that we have made easier so that you can get your bond in no time:
You must first apply for this type of surety bond. If you are ready to do this now, you may APPLY HERE!
Our expert surety bond agent will guide you through the entire process – from the time you have applied until the bond is issued to you.
Next, you will be asked to submit a few important information that our underwriter will need to assess the following:
- Your job or business history
- Your credit score
- Your financial strength
To avoid any delays, make sure that you have gathered the right information needed before submitting.
Once the underwriting process is done, we will immediately issue your bond and send it to you right away!
What are the surety bond conditions?
- The surety bond agent or company should be authorized to conduct business in the Commonwealth of Virginia
- The Obligee of the bond should be the Commonwealth of Virginia
- The person who is licensed to engage in money order sales and money transmission must obey the provisions of Title 6.2, Chapter 19 of the Code of Virginia as well as the rules and regulations of the State Corporation Commission of the Commonwealth of Virginia
- If the licensee commits a violation, the aggrieved party will be eligible to file a claim against the bond