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How much does a money transmitter bond cost in Massachusetts?
Chapter 169 of the Massachusetts General Laws requires money transmission professionals to post surety bonds to legally work within the state. Before beginning the bonding process, applicants should verify their required bond amount with the state in which they choose to do business. This bond must have $50,000 minimum coverage.
This specific bond type is subject to underwriting, meaning the amount you’ll pay depends on a review of your personal credit report as well as your required bond amount. Don’t worry about bad credit affecting your chance of posting a bond. The experts at SuretyBonds.com make the bonding process fast and easy for every applicant. Request your free bond quote now!
If you’re ready to become bonded quickly, easily and accurately, call SuretyBonds.com at 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 an application.
Why do I need this bond?
Massachusetts money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Chapter 169 of the Massacusetts General Laws and all other laws applicable to the business of money transmission. If fraudulent activity occurs as a result of malpractice conducted by the principal, consumers will not face any unjust financial harm.
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What’s the fine print?
Massachusetts money transmitter surety bonds only apply to money transfers to foreign countries.
How to become a money transmitter in Massachusetts
To become a licensed money transmitter in Massachusetts, applicants must provide the following information on the license application:
- exact name of the applicant
- name and complete address for the principal place of business
- description of the activities of the applicant
In addition, applicants 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 by the applicant.