South Carolina Money Transmitter Bond
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How much does a money transmitter bond cost in South Carolina?
South Carolina has become the 49th state to regulate money transmitters, requiring a $50,000 bond, plus $10,000 per each additional business location, not to exceed an additional $250,000. However, in some circumstances, the Attorney General can increase the bond amount to $1 million.
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 professionals 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.
Why do I need this bond?
Money transmitter bonds are required of businesses that sell or issue payment instruments, shared value-monetary value evidenced by an electronic record, and/or receive money or monetary value for transmission. The bond ensures money transmitters in South Carolina adhere to the state’s Anti-Money Laundering Act and protects consumers if they do not abide by the law. Violation of industry laws can result in suspension or revocation of license.
What’s the fine print?
South Carolina money transmitter surety bonds must cover claims for five years after the licensee no longer provides services in the state, though the Attorney General can alter the time period at their discretion.
How to become a money transmitter in South Carolina
The information required for application submission is detailed in Section 35-11-205 of the Anti-Money Laundering Act. Some of the information includes the following:
- Applicant’s name, business, and residential addresses and any trade names used in conducting business
- Any criminal convictions or material litigation the applicant has been involved in in the preceding 10 years
- Description of money services the applicant has previously provided, and of services he or she intends to provide
- Name and address of any bank through which the applicant’s payment instruments or stored value will be paid
- Description of the source of money and credit the applicant will use to provide services
- Nonrefundable $1,500 application fee
- Licensing fee of $750, which will be refunded if the application is denied
Take the first step toward becoming licensed in South Carolina by purchasing the surety bond you need.
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