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How much does a money transmitter bond cost in Mississippi?
The Mississippi Department of Banking and Consumer Finance 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: Mississippi requires a minimum of $25,000 of bond 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. The experts at SuretyBonds.com make the bonding process fast and easy for all applicants. 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 the bond?
Mississippi money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with the Mississippi Money Transmitters Act (Mississippi Code 75-15) 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 financial harm. Acts of malpractice and causes for license suspension and revocation include:
- Violating any provision of the Mississippi Money Transmitters Act
- Failing to pay the annual license fee
- Failing to deposit a required surety bond
Other causes for license suspension and revocation can be found below in the Additional Resources section.
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What’s the fine print?
Mississippi money transmitter licenses require an initial $750 fee and can be renewed annually for $400. The applicant must have a minimum net worth of $25,000 to apply for this license.
How to become a money transmitter in Mississippi
To become a licensed money transmitter in Mississippi, applicants must provide the full name and business address of:
- The proprietor, if the applicant is an individual
- Every member, if the applicant is a partnership or association
- The corporation and each executive officer and director thereof, if the applicant is a corporation
- Every trustee and officer if the applicant is a trust
Applicants must also submit a $50 application/investigation fee.
Other license application requirements can be found below in the Additional Resources section.
Call the Mississippi Department of Banking and Consumer Finance at 1-800-844-2499 for a copy of the application. Upon the filing of the application, a mandatory investigation will be conducted to determine if all required criteria are met by the applicant.
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- Mississippi Code 75-15-9: License Application Requirements
- Mississippi Code 75-15-27: License Suspension and Revocation