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How much does a money transmitter bond cost in New Jersey?
The New Jersey Department of Banking and Insurance requires money transmission professionals to post surety bonds in order to legally operate and perform services as a money transmitter within the state. Before reaching out to a surety expert to start the bonding process, applicants should contact the state in order to find out the exact bond amount they’ll need to post. Money transmitters in operating in New Jersey must have a minimum $100,000 surety bond, while those working in New Jersey but transmitting outside the country need a minimum $25,000 bond.
These bonds are subject to underwriting, meaning your financials will be used to help determine the exact amount you’ll pay for the bond. Our team of specialists at SuretyBonds.com makes the bonding process fast and hassle-free.
If you’re ready to get bonded, we’re ready to help. Call SuretyBonds.com at 1 (800) 308-4358 or request a bond quote. You can typically anticipate a free, no-obligation bond quote within 1 business day of submitting an application.
Why do I need this bond?
New Jersey money transmitter bonds exist to ensure that principals (money transmitters) perform services in accordance with Section 17:15-1C of the New Jersey Statutes Annotated, the Money Transmitters Act and all other laws applicable to the business of money transmission. If the principal conducts business in a dishonest manner, consumers will not be held responsible for any financial damages. The principal will then be responsible for reimbursing the surety for any expenses used to cover consumers.
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What’s the fine print?
New Jersey money transmitter bonds run continuously unless otherwise cancelled. If the surety or principal decide to terminate the bond at any time, 30 days’ written notice must be submitted to the obligee announcing said cancellation.
How to become a money transmitter in New Jersey
To become a licensed money transmitter in New Jersey, applicants must submit the following pieces of information or documentation at the time of application:
- Application prescribed by the Department
- Copy of financial statement
- Company check or money order
- Nonrefundable licensing feE