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Utah Money Transmitter Bond

How much does a money transmitter bond cost in Utah?

The Utah Department of Administrative Services 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 every applicant. 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
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

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?

Utah money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Rule 331-14 of the Utah Adminstrative 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.

Ready to get bonded? Start here!

What’s the fine print?

Applicants for Utah money transmitter surety bonds must have a minimum net worth of $1,000,000. The annual renewal fee for these bonds is $100.

How to become a money transmitter in Utah

To become a licensed money transmitter in Utah, applicants must provide the following information in their application:

  • proof that the applicant is a depository institution chartered and regulated by a state other than Utah and is currently operating as a depository institution
  • a certified financial statement for the most recent fiscal year showing the applicant has a net worth of at least $1,000,000
  • a surety bond with $50,000 minimum coverage

In addition, applicants must submit a nonrefundable $100 application fee.

Upon the filing of the application, a mandatory investigation will be conducted to determine if all required criteria was met by the applicant.

Take the first step toward becoming licensed in Utah by purchasing the surety bond you need quickly, easily and accurately!

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Get a FREE Money Transmitter Bond Quote Today!

Utah Department of Administrative Services

Utah Administrative Code 331-14: License Requirements

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