Georgia Money Transmitter Bond Overview
- Purpose: To ensure funds are available for any damages caused by a money transmission company
- Who Needs It: All money transmitter licensees in Georgia
- Regulating Body: The Georgia Department of Banking and Finance
- Bond Amount: $250,000
- Minimum Price: $2,500
What Is a Georgia Money Transmitter Bond?
A Georgia money transmitter bond is a financial guarantee that licensed money services businesses will protect clients and operate honestly. The Department of Banking and Finance requires the bond as part of the state licensing process.
The surety bond provides a means for financial recourse if license noncompliance by a money transmitter results in damages for clients or the state.
Bond Coverage Requirements for Georgia Money Transmitters
Most Georgia money transmission businesses need a $250,000 surety bond. However, the state can request a larger bond amount up to $2,000,000 if your average money transmission liability is greater than $250,000.
How Much Do Money Transmitter Bonds Cost in Georgia?
Georgia money transmitter bonds cost a small percentage of the total bond amount, typically 1–5%. Your personal quote will be determined by your credit score and other risk factors such as business financials and industry experience. Apply for your free quote in minutes.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Georgia Money Transmitter Bond Work?
By filing this bond, you enter into a legal contract between three parties: you (the principal), the DBF, and the surety provider.
| Bond Party | Description |
|---|---|
| 1) Principal | The bonded money transmission business owner(s) |
| 2) Obligee | The Georgia Department of Banking and Finance |
| 3) Surety | The issuing surety provider |
As the bond principal, you must uphold your obligation to the DBF, or pay financial damages if not. The surety pays out valid claims up to the coverage limit, but unlike insurance, you ultimately have to repay the surety.
How Do I Get a Money Transmitter Bond in Georgia?
You can get your money transmitter bond as quickly as same-day with SuretyBonds.com. Complete these simple steps:
- Apply for a quote online
- Provide any information and signatures when prompted
- Purchase the bond online
- Authorize the surety in NMLS
Once you complete these steps, you will be officially bonded in Georgia.
How Do I File My Bond?
Once you checkout, the surety will upload the electronic surety bond to NMLS on your behalf. You’ll need to go to your “Tasks” tab in NMLS then “Surety Bonds” to authorize the surety. After granting authority, you will be officially bonded.
How Do I Renew My Money Transmitter Bond?
You’ll need to renew your bond every year by paying your renewal premium invoice. The surety will file a continuation certificate as proof of continued coverage.
If the Department of Banking and Finance informs you that you need a higher coverage amount, contact your surety provider with this information.
How to Get a Money Transmitter License in Georgia
You’ll complete all license application steps online via the Nationwide Multistate Licensing System (NMLS). Follow the detailed instructions on how to complete, name and file each supporting document.
There are a few fees you’ll pay:
- $250 application fee
- $1,900 license registration fee
- $120 NMLS processing fee
See the NMLS payment options article for details.
