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Indiana Money Transmitter Bond

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. 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 $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!

Bond Type Bond Amount Cost*
$300,000 Money Transmitter Bond $300,000 Starts at $3,000 GET A QUOTE

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:

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.

Take the first step toward becoming licensed in Indiana by purchasing the surety bond you need quickly, easily and accurately!

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Additional Resources

Indiana Department of Financial Institutions

Indiana Code Title 28 Chapter 4 - Money Transmitters

Indiana Money Transmitter Surety Bond Form

Indiana Money Transmitter License Application