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Connecticut Money Transmission Licensee Bond

How much does a money transmission licensee bond cost in Connecticut?

Money transmitters in the state of Connecticut are required by the Banking Commissioner to post surety bonds before conducting business in the state. The required bond coverage amount ranges from $300,000 to $1,000,000. Applicants should verify their required bond amount with the state prior to bonding.

The amount you’ll pay for your bond pay depends on several factors, including a review of your personal credit report and your required bond amount. Contact a surety bond expert for your free quote!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Money Transmission Licensee Bond Varies Starts at 1.5% 3-9% 10%+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

SuretyBonds.com is committed to getting you bonded quickly, easily, and accurately. Call 1 (800) 308-4358 or submit a bond request. Receive your free no-obligation bond quote in as little as 1 business day!

Why do I need this bond?

Connecticut money transmission licensee bonds guarantee that money transmitters comply with the Money Transmission Act in Chapter 668, Section 36a of the Connecticut Statutes. When money transmitters post this bond, they agree to comply with all applicable state laws, rules, and regulations.

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What’s the fine print?

Connecticut money transmission licensee bonds run concurrently with the period of the transmitter’s license. Cancellation notices must state the date cancellation will take effect and written notice must be sent to the Banking Commissioner at least 30 days prior.

How to become a money transmitter in Connecticut

In order to legally operate as a money transmitter in Connecticut, professionals must become licensed. Materials to be submitted at the time of application include:

  • All applicable licensing fees
  • Completed application package submitted through NMLS
  • Applicant’s most recently audited unconsolidated financial statement, prepared by an independent CPA

Check with the state of Connecticut for a full list of licensing requirements.

Ready to become licensed in Connecticut? Get started by purchasing the surety bond you need!

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Get a FREE Money Transmission Licensee Bond Quote Today!

Additional Resources

Connecticut Money Transmission License New Application Checklist

Connecticut Statutes, Chapter 668 Section 36a

Connecticut Department of Banking Money Transmitter Licensing

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