How much does a money transmitter bond cost in Tennessee?
The Tennessee Department of Financial Institutions 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?
Tennessee money transmitter surety bonds guarantee that principals (money transmission professionals) will conduct business in compliance with Tennessee Code Annotated 45-7-201 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.
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What’s the fine print?
Tennessee money transmitter surety bonds are valid for one year after purchase. These bonds can be canceled by giving 30 days’ written notice to the Commissioner of Financial Institutions of the State of Tennessee.
How to become a money transmitter in Tennessee
To become a licensed money transmitter in Tennessee, applicants must provide the following information on the license application:
- exact name of the applicant
- residential address of applicant
- complete address for the principal place of business
- address of which the books and records are to be stored and maintained
- addresses of additional places of business, if applicable
In addition, applicants must submit a nonrefundable 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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