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How much does a money transmitter bond cost in Colorado?
The Colorado Division of Banking requires individuals to post a surety bond in order to lawfully operate a money transmission business in the state. Prior to beginning the bonding process, applicants should verify their required bond amount with the state in which they desire to do business. Bond amounts will range anywhere between $250,000 and $2 million. The bond amount that each applicant is required to post is determined on a case-by-case basis, depending on the financial condition of the applicant.
Money transmitter bonds are subject to underwriting, meaning the amount you’ll pay depends on a review of your personal credit report. No need to worry about less-than-stellar credit affecting your chance of posting a bond — the professionals at SuretyBonds.com make the bonding process quick and easy for all applicants. Click here to receive a free bond quote.
If you want to work with a team of surety specialists who make your bonding needs their main priority, call SuretyBonds.com at 1 (800) 308-4358 today or submit a bond request form now. We can typically provide you with a free, no-obligation bond quote within one business day of applying.
Why do I need this bond?
Colorado money transmission surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Title 12, Article 52 of the Colorado Revised Statutes 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 unjust financial harm. The principal will then be responsible for reimbursing the surety in a timely and professional manner.
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What’s the fine print?
Colorado money transmission surety bonds remain in full force and effect until canceled and can be continued by the issuance of an appropriate license renewal certificate.
How to become a money transmitter in Colorado
It is considered illegal to act as a money transmitter in Colorado without first obtaining a license to do so. Below is a list of materials the applicant should anticipate needing at the time of application:
- application package completed in its entirety
- history of previous business operations
- history of material litigation
- a surety bond in an appropriate amount
- nonrefundable filing fee