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How much does a money transmitter bond cost in Kansas?
The Office of the State Bank of Kansas requires money transmitters to post license bonds in order to legally serve as a money transmitter within the state of Kansas. Before contacting a surety specialist, applicants must reach out to the state in order to find out the exact bond amount they’re required to post. Premiums are determined on a case-by-case basis. This specific bond amount will range anywhere between $200,000 and $350,000, as determined by the obligee.
These bonds are subject to underwriting, meaning your financials will be used to help determine the exact amount you’ll pay for the bond. Don’t worry about bad credit affecting your chance of posting a bond. Our team of specialists at SuretyBonds.com make the bonding process quick and easy for you. Get a free bond quote now!
If you’re ready to get bonded, we’re here to help make that happen. Call SuretyBonds.com at 1 (800) 308-4358 or submit a bond request form now. Applicants can typically expect to receive a free bond quote within 1 business day of applying.
Why do I need this bond?
Kansas money transmitter bonds are put in place to ensure that principals (money transmitter professionals) act accordingly in compliance with the Kansas Money Transmitter Act as well as all other relevant statutes pertaining to money transmitters in Kansas. If the principal conducts business in an unjust or dishonest manner, consumers will not be held responsible for any financial damages committed by the principal. The principal will then be responsible for reimbursing the surety for any expenses paid out within a timely and professional manner. Some examples of violations under this act include:
- filing any document or statement falsely representing or omitting a material fact
- refusing to permit an examination or investigation by the Commissioner
- failing to pay all necessary fees
- advertising or distributing false information relative to money transmission
Are you ready to post a money transmitter bond? Click here to begin our simple bonding process!
What’s the fine print?
Kansas money transmitter bonds remain in full force and effect unless otherwise canceled by the surety or violated by the principal. If either party chooses 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 Kansas
It is considered unlawful to operate as a money transmitter in the state of Kansas without first obtaining the proper license permitting you to do so. The following pieces of information must be submitted at the time of application:
- application prescribed by the the Commissioner
- credit report
- financial statements
- disclosure questions
- business plan
- certificate of good standing
- management chart
- surety bond
- money services business registration
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 Kansas, the applicant must have a minimum net worth of $250,000.