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How much does a money transmitter bond cost in Alabama?
The Alabama Securities Commission requires money transmission professionals to post surety bonds to legally work within the state. Before beginning the bonding process, applicants should verify their required bond amount with the state in which they choose to do business. This bond must have $100,000 minimum coverage.
This specific bond type is subject to underwriting, meaning the amount you’ll pay depends on a review of your personal credit report, as well as your required bond amount. Don’t worry about bad credit affecting your chance of posting a bond. The professionals at SuretyBonds.com make the bonding process fast and easy for all applicants. Request your free bond quote now!
If you’re ready to become bonded quickly, easily, and accurately, call SuretyBonds.com at 1 (800) 308-4358 or submit a bond request. We can typically provide your free no-obligation bond quote within one business day of submitting an application.
Why do I need this bond?
Alabama money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Alabama Code 8-7-1 and all other laws applicable to the business of money transmission. If fraudulent activity occurs as a result of malpractice conducted by the principal, consumers will not face any financial harm.
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What’s the fine print?
Alabama money transmission surety bonds remain in effect for 12-month terms. They can be continued with the issuance of a license renewal, a $250 fee for the principal location, and an extra $5 for each additional location.
How to become a money transmitter in Alabama
To become a licensed money transmitter in Alabama, applicants must provide the full name and business address of the applicant on the license application.
In addition, applicants must submit a nonrefundable $250 investigation fee.
Upon the filing of the application, a mandatory investigation will be conducted to determine whether all required criteria are met by the applicant.