Wisconsin Community Currency Exchange Bond
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How much does a community currency exchange bond cost in Wisconsin?
SuretyBonds.com offers Wisconsin community currency exchange bonds for different costs depending on a review of each applicant’s credit report. The required bond amount varies, and applicants should verify the amount of bond coverage they need with the state.
Our team of experts is dedicated to getting you the bond you need quickly and for the lowest rate possible.
Call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond form. We’ll walk you through our quick and easy bonding process.
Why do I need this bond?
Wisconsin community currency surety bonds are put in place to ensure that professionals in the industry comply with the provisions of Section 218.05 of the Wisconsin Statutes. This bond is a guaranty of payment rather than a guaranty of collection.
Contact a surety specialist to get your free surety bond quote.
What’s the fine print?
Wisconsin community currency exchange surety bonds will remain continuous unless otherwise canceled by the surety. The surety may be released from liability by giving written notice stating when the cancellation will take effect to the Department of Financial Institutions in Madison, Wisconsin. This notice must be received at least 60 days prior to the effective date of cancellation.
For every additional location of business that the applicant owns or plans to do business at, an additional license must be issued along with a surety bond in the amount of $5,000.
How to acquire a community currency exchange license in Wisconsin
Community currency exchange licenses must be renewed annually. The initial application fee is $600 ($300 investigation fee and $300 annual fee), and the annual licensing fee is $300. The exam fee is $54/hour.
According to the License, Permit and Registration Services of Wisconsin, applicants must:
- Be trustworthy and reputable
- Have business experience qualifying the applicant to competently conduct, operate, own or become associated with a community currency exchange
- Have a good business reputation
- Be worthy of a license
Fulfill the first step in the licensing process by getting the surety bond you need.
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