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How much does a money transmitter bond cost in Idaho?
The Idaho Department of Finance requires money transmission professionals to post surety bonds to legally work within the state. Before beginning the bonding process, applicants should verify their required bond amount with the state in which they choose to do business. This bond must have $10,000 minimum coverage; $5,000 is added to the bond amount for each additional location.
This specific bond type is subject to underwriting, meaning the amount you’ll pay depends on a review of your personal credit report, as well as your required bond amount. Don’t worry about bad credit affecting your chance of posting a bond. The experts at SuretyBonds.com make the bonding process fast and easy for all applicants. Request your free bond quote now!
If you’re ready to become bonded quickly, easily, and accurately, call SuretyBonds.com at 1 (800) 308-4358 or submit a bond request. We can typically provide your free no-obligation bond quote within one business day of submitting an application.
Why do I need this bond?
Idaho money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Chapter 29 of Title 26 in the Idaho Statutes and all other laws applicable to the business of money transmission. If fraudulent activity occurs as a result of malpractice conducted by the principal, consumers will not face any financial harm. Acts of malpractice include:
- The licensee violates any provisions of Chapter 29
- The licensee conducts its business in an unsafe or unsound manner
- The licensee applies for an adjudication of bankruptcy
Other acts of malpractice can be found below in the "Additional Resources" section.
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What’s the fine print?
The applicant must have a minimum net worth of $50,000 to apply for this bond. Each additional location or authorized delegate requires an additional $25,000 of net worth.
How to become a money transmitter in Idaho
To become a licensed money transmitter in Idaho, applicants must provide the following information on the license application:
- The exact name of the applicant and their principal address
- A description of the activities conducted by the applicant and a history of operations
- A list identifying the applicant’s proposed authorized representatives in this state
In addition, applicants must submit a $100 application fee for the principal office.
Upon filing the application, a mandatory investigation will be conducted to determine whether all required criteria are met by the applicant.
Other required information can be found below in the "Additional Resources" section.