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How much does a money services business bond cost in Florida?
The Florida Department of Banking and Finance requires money services businesses to post surety bonds in varying amounts. The amount of the bond must be equal to 2% of the total amount of money handled by the business in the previous fiscal year. For new businesses, the bond amount must be equal to 2% of the projected amount of money handled in a one-year period. The minimum bond amount is $50,000, and the maximum is $2,000,000. Applicants should verify their bond amount with the Office of Financial Regulation before coming to SuretyBonds.com.
These bonds are subject to underwriting, so the price you’ll pay depends on your required bond amount and a review of your personal credit report. The best way to find out exactly how much you’ll pay is to request a free bond quote now.
Our team of surety professionals is dedicated to getting you bonded quickly and for the lowest available rate. Give us a call at 1 (800) 308-4358, or submit a bond request to receive a free bond quote within one business day of applying.
Why do I need this bond?
Florida money services business bonds ensure that all customers of money services businesses are protected from any fraudulent acts that may occur. By posting this bond the money transmitter, payment instrument issuer, check casher, or foreign currency exchanger agrees to abide by all rules, laws, and regulations stated in Chapter 560 of the Florida Statutes.
Ready to get bonded? Apply for a free, personalized bond quote now!
What’s the fine print?
Money services business bonds in Florida are continuous until canceled. If the surety chooses to cancel this bond prior to the one-year expiration date, it must notify the Office of Financial Regulation in Florida in writing 30 days prior to terminating the bond.
These bonds must be canceled and rewritten every year to ensure the bond amount stays current.
How to become a money services business in Florida
To become a licensed money services business in Florida, applicants must complete the state-issued application packet and submit the following materials:
- fingerprint card
- legal name and address of the applicant
- applicant’s written anti-money laundering program
- financial documents for business
- proof of net worth of at least $100,000 (additional $10,000 per location in FL)
- $40.50 filing fee
- $375 application filing fee (additional $38 per location in FL)
- required surety bond
For additional licensing information, visit the "Additional Resources" section of this page.
Florida money services businesses must also register as an MSB for the Federal Crimes Enforcement Network (FinCEN) before they can commence operations. To complete the registration process, applicants must go to the Bank Secrecy Act (BSA) E-Filing System. The link for this site is posted below.