What is a Massachusetts money transmitter bond?
A money transmitter holds Massachusetts professionals liable to upholding Chapter 169 of Massachusetts General Laws and all applicable laws.
How much does a money transmitter bond cost in Massachusetts?
Money transmitters need a $50,000 surety bond for initial licensing in Massachusetts. When you renew your license, your bond amount will equal twice the average weekly funds deposited with you for remittance to foreign countries.
Prices vary based on credit score, starting at 1.5%, or $750 for $50,000 coverage. Request your free bond quote now!
If you work as a check seller, we also issue Massachusetts check seller bonds.
Why do I need this bond?
Massachusetts money transmitter surety bonds guarantee that money transmission professionals comply with Chapter 169 of the Massachusetts General Laws and all other applicable laws.
If fraudulent activity occurs as a result of malpractice conducted by the principal, consumers will not face any unjust financial harm.
What’s the fine print?
Massachusetts money transmitter surety bonds only apply to money transfers to foreign countries. These bonds are submitted as electronic surety bonds (ESBs) directly to NMLS.
How to become a money transmitter in Massachusetts
To become a licensed money transmitter in Massachusetts, you must provide the following information on the license application:
- Exact name
- Business name and complete address
- Description of the activities of the applicant
In addition, you must submit a nonrefundable application/investigation fee.
Upon the filing of the application, a mandatory investigation will be conducted to determine if all required criteria were met.
