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How much does a money transmitter and money order or travelers check issuer bond cost in Maine?
The state of Maine’s Bureau of Consumer Credit Protection requires money transmitters and issuers of money orders and travelers checks to post a surety bond as part of their licensing requirements. The required bond coverage amount is $100,000.
These bonds are subject to underwriting, so your bond premium will vary depending on several components, including a review of your financial reports. Having your financial documents ready can speed up the bonding process.
Are you ready to get bonded? We want to help. Submit a bond request form today!
Why do I need this bond?
Money transmitter and money order/travelers check issuer bonds ensure that money services businesses (principals) act in compliance with the Money Transmitters Act in the Maine Revised Statutes. In the event that the principal violates any provisions of the act, the bond protects money services customers from financial harm.
What’s the fine print?
The bond remains in full force and effect and runs concurrently with the licensing period. To cancel the bond, 30 days’ written notice must be provided to the Superintendent of the Bureau of Consumer Credit Protection.
How to become a money transmitter in Maine
Maine money transmitters and issuers of money orders and travelers checks are required to obtain a license to operate legally. Some requirements for all applicants include:
- Net worth of at least $100,000
- List of locations where the applicant intends to conduct business
- $500 non-refundable application fee, plus $50 for each authorized delegate, not to exceed $2,500
The state also requires different materials for corporate and noncorporate applicants. See the Maine Revised Statutes for a full list of licensing requirements.
Take the first step toward becoming a licensed money transmitter or issuer of money orders and travelers checks in Maine. Submit a bond request or call 1 (800) 308-4358 and let our experts guide you through the bonding process!