How much does a money transmitter bond cost in Oklahoma?
The Oklahoma Banking Department 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 $50,000 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!
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Money Transmitter Bond||Varies||Starts at 1.5%||3-9%||10%+||Apply 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?
Oklahoma money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Section 85: 15-3 of the Oklahoma Administrative Code 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 suspension and revocation of licenses include:
- The licensee engages in fraud, intentional misrepresentation or gross negligence
- The licensee does not cooperate with an examination or investigation by the Commissioner of the Oklahoma Banking Department
- The licensee engages in an unsafe or unsound practice
Other causes for suspension and revocation can be found below in the Additional Resources section.
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What’s the fine print?
Oklahoma money transmitter license fees are $2,000 for the principal location and an additional $50 for each authorized delegate. The applicant must have a minimum net worth of $275,000 to apply for this bond.
How to become a money transmitter in Oklahoma
To become a licensed money transmitter in Oklahoma, applicants must provide the following information on the license application:
- The legal name of the applicant and their residential and business addresses
- A description of all money transmission services currently provided anywhere by the applicant and the money transmission services that the applicant seeks to provide in Oklahoma
- A list of the applicant’s proposed authorized delegates and the locations in Oklahoma where the applicant and its authorized delegates propose to engage in money transmission
Other license application requirements can be found below in the Additional Resources section.
In addition, applicants must submit a nonrefundable $3,000 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.
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