How much does a money transmitter license bond cost in Hawaii?
The Hawaii Department of Commerce and Consumer Affairs requires money transmission professionals to post license bonds in order to legally perform services as a money transmitter within the state of Hawaii. Prior to contacting a surety bond specialist, applicants must contact the state in order to find out the exact bond amount they’re required to have because premiums are determined on a case-by-case basis. This specific bond amount will range anywhere between $1,000 and $500,000.
These bonds are subject to underwriting, meaning your financials will be used to help determine the exact amount you’ll pay for the bond. Our team of specialists at SuretyBonds.com make the bonding process quick and easy for you. Get a free bond quote now!
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Money Transmitters License Bond||Varies||Starts at 1.5%||3-9%||10%+||Apply Now|
If you’re ready to get bonded, we’re ready to help. Call SuretyBonds.com at 1 (800) 308-4358 or submit a bond request form now. You can typically expect to receive a free no-obligation bond quote within 1 business day of submitting an application.
Why do I need this bond?
Hawaii money transmitter license bonds are put in place to ensure that principals (money transmitter professionals) perform services in accordance with Chapter 489D of the Hawaii Money Transmitters Act and all other relevant laws to the business of money transmission in Hawaii. If the principal conducts business in an unethical or dishonest manner, consumers will not be held responsible for any financial damages committed by the principal. He or she will then be responsible for reimbursing the surety for any expenses paid out within a timely and professional manner.
Are you ready to post a money transmitter license bond? Click here to begin our simple bonding process!
What’s the fine print?
Hawaii money transmitter bonds run in full force and effect unless otherwise canceled. If the surety or principal decide to terminate the bond at any time, a 30-day written notice must be submitted to the obligee announcing said cancellation.
How to become a money transmitter in Hawaii
To become a licensed money transmitter in Hawaii, applicants must submit an application prescribed by the division inclusive of the following information:
- exact name used by the applicant
- history of the applicant’s material litigation and criminal convictions for the past 5 years
- description of business activities
- list of applicant’s proposed authorized delegates
- locations where the applicant and his/her delegates intend to do business
- any other information that may be required by the Commissioner
In addition to filing an application, the applicant must submit all required licensing and filing fees at the time of application.
In order to obtain a money transmitter license in Hawaii, the applicant must have a minimum net worth of $1,000.
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