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How much does a money transmitter bond cost in West Virginia?
The West Virginia 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 $100,000 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!
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?
West Virginia money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Chapter 32A of the West Virginia 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. Acts of malpractice and causes for license suspension and revocation include:
- knowingly or repeatedly violating Chapter 32A of the West Virginia Code or any rule or order lawfully made or issued pursuant to this article
- failing to remit its required renewal fees
- failing or refusing to keep the surety bond or other security required by section 10 of Chapter 32A
Other causes for license suspension and revocation can be found below in the Additional Resources section.
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What’s the fine print?
West Virginia money transmitter licenses remain in effect for one year and can be renewed with a $250 annual fee for the principal location and an additional $20 fee for each additional location. The applicant must have a minimum net worth of $50,000 to apply for this license.
How to become a money transmitter in West Virginia
To become a licensed money transmitter in West Virginia, applicants must provide the following information on the license application:
- legal name of the applicant and their principal business addresses
- location of the applicant’s official books and records
- list of all states in which the applicant currently conducts money transmission activity
Other license application requirements can be found below in the Additional Resources section.
In addition, applicants must submit a nonrefundable $1,000 application 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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- West Virginia Code 32A-2-4: License Application Requirements
- West Virginia Code 32A-2-25: License Suspension and Revocation