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How much does a uniform money services bond cost in Alaska?
The Alaska Department of Commerce, Community, and Economic Development requires legally operating money services businesses to post a surety bond when applying for a license in the state. The uniform money services bond must provide minimum coverage of $25,000, increasing by $5,000 per location, typically not to exceed $150,000. If a higher amount of coverage is required, it will be determined by the Department of Commerce, Community, and Economic Development. Verify your required bond amount before requesting your surety bond quote.
Your bond premium -- the amount you pay for coverage -- will depend on several factors, including your personal financial statement. Let our experts help you get bonded and request a free bond quote today.
Fill out our online bond form to get your free, no-obligation bond quote!
Why do I need this bond?
Uniform money services bonds ensure that money services businesses comply with all applicable rules and regulations for their industry in Alaska. In the event that the principal (money services businesses) does not abide by those laws, the bond protects customers from financial damage. Violations include:
- Engaging in fraud, intentional misrepresentation, or gross negligence
- Not cooperating with an investigation or examination by the department
- Business becoming insolvent or suspending payment of its obligations
These violations can result in revocation of the money services business’ license. Review the statutes in the Additional Resources section for a full list of violations.
Contact us to receive your free, no-obligation bond quote! Our experts can answer your questions and get the best available quote for your money services bond. Typically we can provide you with a quote in as little as 1 business day.
What’s the fine print?
This bond remains in full force and effect unless it is canceled with 30 days’ written notice sent to the Director of the Alaska Division of Banking and Securities.
If a money service business is already licensed in another state that has enacted the Uniform Money Services Act or other similar legislation, they may submit materials to the Department of Commerce, Community, and Economic Development. Some of these materials include:
- $250 non-refundable application fee
- Certification of license history in another state
- Proof that the required surety bond (security) has been obtained and is in force
- Signed release of information allowing the Department of Commerce, Community, and Economic Development to obtain information to verify the applicant’s eligibility to engage in money transmission in another state
See Section 06.55.103 of the Alaska Statutes for a complete list of required materials.
How to start a uniform money service business in Alaska
Alaska money services businesses are required to become licensed before operating in the state. Licensing requirements include:
- $500 non-refundable application and investigation fee, plus $100 per additional location
- Minimum net worth of $25,000
- Description of any money services previously offered by the applicant, and of services the applicant intends to provide in the state
The application for licensure in the Additional Resources section contains a full list of requirements.
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