Nebraska Money Transmitter Bond Overview
- Purpose: To protect clients from illegal or unethical money transmission practices
- Who Needs It: All money transmitter licensees in Nebraska
- Regulating Body: The Nebraska Department of Banking and Finance
- Bond Amount: $100,000 + $5,000 per location
- Minimum Price: $1,500 or 1.5%
What Is a Nebraska Money Transmitter Bond?
Nebraska money transmitter surety bonds ensure that licensed money transmitters adhere to industry laws and regulations. All licensees need a minimum $100,000 bond with an extra $5,000 in coverage per additional location.
Who Needs a Money Transmitter Bond?
Money service businesses performing money transfers for clients in Nebraska must be licensed and bonded according to the state money transmitter law. Several entities are exempt, such as government agencies and registered financial institutions.
Note: We do not currently have any surety markets that issue these bonds for cryptocurrency ATM operators.
How Much Do Money Transmitter Bonds Cost?
Nebraska money transmitter bond premium rates start at $1,500 for the minimum $100,000 coverage. For larger bond amounts, rates are typically 1.5–3%.
Exact prices vary depending on the bond amount, your credit score, and sometimes other financial factors. Apply for a personalized quote now.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Nebraska Money Transmitter Bond Work?
A surety bond is a financial contract between three parties that protects the public from harm.
| Bond Party | Description |
|---|---|
| 1) Principal | The money transmission company owner(s) |
| 2) Obligee | The Nebraska Department of Banking and Finance |
| 3) Surety | The issuing surety provider |
Under the bond, you’re responsible for upholding the Nebraska Money Transmitters Act.
How Do I Get a Money Transmitter Bond in Nebraska?
Follow these steps to get your Nebraska money transmitter bond:
- Verify your required bond amount
- Complete the quote request form on this page
- Receive your personalized quote within one business day
- Checkout online at your convenience
Please note that you may also be required to submit business and/or personal financial statements to complete your application.
How Do I File My Bond?
The surety company will upload your electronic money transmitter bond form directly to the NMLS under your name. You don’t need to take any further action to get bonded after purchasing the bond.
How Do I Renew My Money Transmitter Bond?
If you renew your money transmitter license, you’ll also need to renew your surety bond. The bond expires one year after the purchase date.
Your surety company or agency will provide your renewal premium invoice, which you can use to extend the term of your existing bond. Make sure the bond amount is still correct, and pay the invoice, the surety will do the rest!
How Do I Increase My Bond Coverage?
If you need to increase your bond because you added new money transmission business locations, contact [email protected] for assistance.
We can often issue a free bond rider document to amend your existing bond, or prepare a new bond form if needed.
How to Get a Money Transmitter License in Nebraska
To apply for a Nebraska money transmitter license, create an online account on the Nationwide Multistate Licensing System (NMLS). You’ll need to provide in-depth information about your business and financials, including the following:
- MU1 and MU2 application forms
- $100,000 surety bond
- Audited financial statements showing $100,000 net worth
- Anti-Money Laundering & Bank Secrecy Act policies
- FBI background checks and credit reports for all control persons
You can email the Department of Banking & Finance licensing staff at [email protected] if you have questions.
Note: If you’re getting licensed as an MSB in 5+ states, look into the MMLA program through the NMLS.
How Much Does It Cost to Register as a Money Transmitter?
The state charges a $1,500 license application fee in addition to the $120 NMLS online processing fee. See all related fees outlined in the table below.
| Fee Type | Amount |
|---|---|
| Application Fee | $1,500 |
| NMLS Processing Fee | $120 |
| Background Check Fee | $36.25/control person |
| Surety Bond Premium* | $1,500+ |
*Surety bond premiums vary based on credit score.
