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 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.
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 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.
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 were met by the applicant.
Take the first step toward becoming licensed in Utah by purchasing the surety bond you need.
