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.
|Bond Type||Bond Amount||Cost*|
|$300,000 Money Transmission Licensee Bond Average weekly amount of money transmissions less than $300,000 for the most recent twelve-month period ending 6/30||$300,000||Starts at $4,500||GET A QUOTE|
|$500,000 Money Transmission Licensee Bond Average weekly amount of money transmissions between $300,000 and $500,000 for the most recent twelve-month period ending 6/30||$500,000||Starts at $7,500||GET A QUOTE|
|$1,000,000 Money Transmission Licensee Bond Average weekly amount of money transmissions greater than $500,000 for the most recent twelve-month period ending 6/30||$1,000,000||Starts at $15,000||GET A QUOTE|
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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.
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