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How much does a money transmitter bond cost in Oregon?
The Oregon Division of Finance & Corporate Securities requires money transmission professionals to post surety bonds in order to legally perform services as a money transmitter within the state of Oregon. Prior to contacting a surety bond specialist, prospective money transmitters should contact the state in order to find out the exact bond amount they’ll need to post. This specific bond amount will range anywhere between $25,000 and $150,000 for the principal location of business. The amount will increase in increments of $5,000 for each additional business location the principal chooses to conduct money transmission services at.
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 make the bonding process quick and easy for you. Get a free bond quote now!
If you’re ready to get bonded, we’re ready to help. Call SuretyBonds.com at 1 (800) 308-4358 or submit a bond request form. You can typically expect to receive a free, no-obligation bond quote within one business day of submitting an application.
Why do I need this bond?
Oregon money transmitter bonds exist to ensure that principals (money transmitter professionals) perform services in accordance with Chapter 717 of the Oregon Revised Statutes, the Oregon Money Transmitters Act and all other laws applicable to the business of money transmission in Oregon. If the principal conducts business in a dishonest manner, consumers will not be held responsible for any financial damages they did not commit themselves. The principal will then be responsible for reimbursing the surety for any expenses paid out within a timely and professional manner.
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What’s the fine print?
Oregon money transmitter bonds run continuously unless otherwise cancelled. If the surety or principal decides 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 Oregon
To become a licensed money transmitter in Oregon, applicants must submit the following pieces of information or documentation at the time of application:
- application package prescribed by the Division
- financial statement proving principal has a net worth of at least $100,000
- proof of surety bond security device
- $1,000 nonrefundable application fee