Nevada Money Transmitter Bond Overview
- Purpose: To ensure money transmitters uphold state laws and regulations
- Who Needs It: All money transmitter licensees in Nevada
- Regulating Body: The NV Department of Business and Industry
- Bond Amount: $100,000–$150,000
- Minimum Price: $1,500
What Is a Nevada Money Transmitter Bond?
A Nevada money transmitter surety bond ensures that licensed money transmitters adhere to industry laws and regulations. To get licensed, you need a minimum $100,000 surety bond to demonstrate financial security and protect clients if you were to break state requirements.
Who Needs a Money Transmitter Bond?
Anyone being licensed as a money transmitter must file a surety bond as financial protection for clients. This licenses authorizes a company to perform the following activities for clients in Nevada:
- Electronic money transmitting
- Bill pay services
- Payroll processing services
- Issuing drafts, money orders, prepaid access/stored values or traveler’s checks
- Selling drafts, money orders, prepaid access/stored values or traveler’s checks
- Providing payroll processing services
- Virtual exchange and trading services
There are some license exemptions, but no bond exemptions.
Bond Coverage Requirements for Nevada Money Transmitters
The minimum bond amount is the greater of $100,000 or the average daily money transmission liability for the most recent quarter. However, there is a $500,000 cap, so you will never exceed $500,000 in bond coverage.
How Much Do Money Transmitter Bonds Cost in Nevada?
Nevada 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 Nevada 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 NV Department of Business and Industry |
| 3) Surety | The issuing surety provider |
Under the bond contract, you become responsible for upholding all Nevada money transmission laws. Otherwise, you are liable for repaying any bond claims the surety makes to harmed clients.
How Do I Get a Money Transmitter Bond in Nevada?
You can get your money transmitter license bond online at SuretyBonds.com. Follow these four steps to get your Nevada 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 Change My Bond Coverage?
If you need to increase your bond because you added new business locations or delegates, we can often issue a bond rider document to amend your existing bond. Contact [email protected] for assistance.
How to Get a Money Transmitter License in Nevada
To apply for a Nevada 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
- Office lease agreement or proof of ownership
If you need help with your license application, email [email protected]. Carefully review the NMLS checklist to ensure you name and upload all document files correctly.
How Much Does It Cost to Get Licensed?
In Nevada, you’ll pay $900 in money transmitter license application fees plus the $120 NMLS processing fee. See all related fees outlined in the table below.
| Fee Type | Amount |
|---|---|
| Application Fee | $500 |
| License Fee | $400 |
| NMLS Processing Fee | $120 |
| Background Check Fee | $36.25/control person |
| Credit Check Fee | $15/control person |
| Surety Bond Premium* | $1,500+ |
*Surety bond premiums vary based on credit score.
