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How much does a money transmitter bond cost in Minnesota?
The Minnesota Department of Commerce requires money transmission professionals to post $25,000 surety bonds in order to legally perform services as a money transmitter within the state of Minnesota. The premium will vary depending on the number of business locations where the principal intends to conduct business.
These bonds are subject to underwriting, meaning your financials will be used to help determine the exact amount you’ll pay for the bond. Our team of specialists at SuretyBonds.com make the bonding process quick and easy for you. Get a free bond quote now!
If you’re ready to get bonded, we’re ready to help. Call SuretyBonds.com at 1 (800) 308-4358 or submit a bond request form. You can typically expect to receive a free, no-obligation bond quote within one business day of submitting an application.
Why do I need this bond?
Minnesota money transmitter bonds exist to ensure that principals (money transmitter professionals) perform services in accordance with the Minnesota Money Transmitters Act and all other laws applicable to the business of money transmission in Minnesota. If the principal conducts business in a dishonest manner, consumers will not be held responsible for any financial damages they did not commit themselves. The principal will then be responsible for reimbursing the surety for any expenses paid out in a timely and professional manner.
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What’s the fine print?
Minnesota money transmitter bonds must expire on December 31. If the surety or the principal decide to terminate the bond prior to its set date of expiration, a written notice must be submitted and filed with the obligee prior to cancellation.
How to become a money transmitter in Minnesota
It is illegal to operate as a money transmitter in the state of Minnesota without first obtaining the proper license permitting you to do so. The following pieces of information must be submitted at the time of application:
- application prescribed by the the Commissioner
- credit report
- financial statements
- disclosure questions
- business plan
- certificate of good standing
- management chart
- surety bond
- money services business registration
In addition to filing an application, the applicant must submit all required licensing and filing fees at the time of application.
In order to obtain a money transmitter license in Minnesota, the applicant must have a minimum net worth of an amount specific to the number of business locations where he or she operates.