MS Check Cashers Bond Overview
- Purpose: To protect consumers from mishandling of funds or other license violations by check cashers
- Who Needs It: Businesses that cash or sell checks or money orders
- Regulating Body: The MS Department of Banking and Consumer Finance – Consumer Division
- Bond Amount: $10,000
- Minimum Price: $200; credit-based
What Is a Mississippi Check Casher Bond?
Anyone providing payday loans or check cashing services in Mississippi needs a $10,000 bond to get licensed. A Mississippi check casher bond protects your clients and the state from financial harm if you break license regulations or state laws.
How Much Do Check Casher Bonds Cost?
All Mississippi check cashers need a $10,000 surety bond. Premium rates start at 2%, which means qualified applicants can pay just $200 for a year of coverage.
Exact rates vary based on a soft credit check. Apply for your free quote now.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Mississippi Check Cashers Bond Work?
Check casher bonds protect consumers by creating a legally-binding contract between three parties.
| Bond Party | Description |
|---|---|
| Principal | The bonded check casher licensee |
| Obligee | The Mississippi Department of Banking and Consumer Finance |
| Surety | The issuing surety provider |
Under this contract, you and your company are bound to uphold the Mississippi Check Cashers Act. If they fail to do so, harmed parties can file a claim on the bond for reimbursement.
How Do I Get My Bond?
It only takes a couple of minutes to apply with SuretyBonds.com and get bonded within 1–2 days. Follow these steps:
- Complete the quote request form on this page
- Receive your personalized quote within one business day
- Provide any additional information if needed
- Checkout online at your convenience
We’ll upload the electronic surety bond directly to NMLS on your behalf. Lastly, go into your NMLS portal and authorize the surety provider.
Can I Get Bonded With Bad Credit?
You may still be able to bond your business with poor credit. However, since these bonds are directly related to finances, poor credit may disqualify you.
Apply now to see if you qualify. Our surety experts will shop the top markets to find the best available rate for you. In some cases, you can provide additional financial documents to be approved with low credit.
How Do I Renew My Bond?
These bonds expire annually. To renew, all you need to do is pay your renewal invoice when prompted.
If you added new locations and need to update the bond amount, contact SuretyBonds.com at 1(800) 308-4358 for assistance.
How to Get a Check Casher License in Mississippi
To get a Mississippi check casher license or registration, you’ll need these basic requirements and materials:
- Proof of business registration with the Secretary of State
- $750 initial license fee
- $10,000 surety bond or cash deposit
- NMLS background check with no felony convictions in the past 10 years.
- Financial statements showing net worth of at least $20,000, plus $5,000 per additional location
Complete the full application in the Nationwide Multistate Licensing System (NMLS). View the licensing checklist to see the additional documents required.
