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Maryland Money Transmitter Bond

How much does a money transmitter bond cost in Maryland?

The Maryland Office of the Commissioner of Financial Regulation requires money transmitters to post surety bonds before operating in the state. The bond amount will vary, but Maryland requires minimal coverage of $150,000 and maximum coverage of $2,000,000. Applicants should verify their required bond amount with the state prior to bonding.

The amount you’ll pay for your bond depends on a review of your personal credit report as well as your required bond amount. Request your free bond quote now!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Money Transmitter Bond Varies Starts at 1.5% 3-9% 10%+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

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 Important Links section.

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

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Get a FREE Money Transmitter Bond Quote Today!

Maryland Office of the Commissioner of Financial Regulation Money Transmitters

Maryland Money Transmitter License New Application Checklist

Unannotated Code of Maryland, Financial Institutions, Title 12 Subtitle 4

Money Transmitter Surety Bond Form

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