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How much does a money transmitter bond cost in Indiana?
The Indiana Department of Financial Institutions requires money transmission professionals to post surety bonds to legally work within the state. This bond must have $300,000 coverage.
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 1 business day of submitting an application.
Why do I need this bond?
Indiana money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Title 28 Chapter 4 of the Indiana Code 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 and causes for license suspension and revocation include:
- repeatedly and willfully violating Title 28 Chapter 4 or any other state or federal law applicable to the business of money transmission
- obtaining the license for the benefit of, or on behalf of, a person who does not qualify for the license
- knowingly or intentionally making material misrepresentations to, or concealed material information from the Indiana Department of Financial Institutions
Other causes for license suspension and revocation can be found below in the Additional Resources section.
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What’s the fine print?
Indiana money transmitter licenses can be renewed with a $750 fee for the principal location and an additional $10 for each additional location. The applicant must have a minimum net worth of $100,000 to apply for this license.
How to become a money transmitter in Indiana
To become a licensed money transmitter in Indiana, applicants must provide the following information on the license application:
- The name of the applicant and their principal address
- The location of the applicant’s business record
- A description of the activities conducted by the applicant, the applicant’s history of operations, and the business activities in which the applicant seeks to be engaged in Indiana
Other license application requirements can be found below in the Additional Resources section.
In addition, applicants must submit a nonrefundable $1,000 application/investigation fee.
Upon the filing of the application, a mandatory investigation will be conducted to determine if all required criteria are met by the applicant.
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- Indiana Code 28-8-4-24: License Application Requirements
- Indiana Code 28-8-4-48: License Suspension and Revocation