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How much does a money transmitter bond cost in Nevada?
The Nevada Department of Business and Industry 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 in which they choose to do business. This bond must have $10,000 minimum 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. Don’t worry about bad credit affecting your chance of posting a bond. 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 this bond?
Nevada money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Chapter 671 of the Nevada Revenue Statute 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 include:
- Failure to pay the annual fee for renewal or the fee for late renewal
- Failure to maintain the required bond or securities
- Fraud, misrepresentation or omission of any material fact in any application, statement or report
- Failure to pay any judgment arising from the licensee’s business within 30 days after the judgement becomes final or within 30 days after the expiration after a stay of execution on the judgement
- Violation of any provision of Chapter 671 of the Nevada Revenue Statute or any regulation adopted or order issued by the commissioner pursuant to this chapter
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What’s the fine print?
Nevada money transmitter surety bonds remain in effect for one year after purchase and can be cancelled by the surety with 30 days written notice. The applicant must have a minimum net worth of $100,000 to apply for this bond.
How to become a money transmitter in Nevada
To become a licensed money transmitter in Nevada, applicants must provide the following information on the license application:
- Name and principal business address of the applicant
- Name and addresses, residential and business, of the applicant’s partners or proprietors
- Name and address of each of the applicant’s branch offices, subsidiaries or affiliates, if any, which will be operated under the license
In addition, applicants must submit a $375 application/investigation fee.
Upon the filing of the application, a mandatory investigation will be conducted to determine if all required criteria are met by the applicant.