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How much does a money transmitter bond cost in Maryland?
The Maryland Office of the Commissioner of Financial Regulation requires money transmitters to post $150,000 surety bonds before operating in the state. The cost of a money transmitter bond is based on a review of the applicant’s credit.
SuretyBonds.com can help you become bonded quickly, easily and accurately. Call 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 your application!
Why do I need this bond?
Maryland money transmitter surety bonds guarantee that principals (money transmitters) comply with Financial Institutions Title 12, Subtitle 4 of the Unannotated Code of Maryland. By posting the bond, money transmitters agree to abide by all applicable rules, laws and regulations, protecting their customers from fraudulent activity.
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What’s the fine print?
Maryland money transmitter bonds are continuous until canceled. If the principal or the surety choose to cancel the bond, they must provide written notice to the Office of Financial Regulation 30 days prior to cancellation.
How to become a money transmitter in Maryland
In order to legally operate as a money transmitter in Maryland, professionals must become licensed. Materials to be submitted for licensure include:
- Certificate of Good Standing from Maryland and/or from the state in which the applicant is incorporated
- $2,000 non-refundable license fee
- $1,000 non-refundable investigation fee
- Applicant must have 3 years of experience in money transmission or related financial business
- Business plan, including a detailed description or chart showing the flow of money for each transaction type
For a full list of licensing requirements, visit our Additional Resources section.