Wyoming Money Transmitter Bond Overview
- Purpose: To ensure money transmitters uphold state law and submit honest financial records
- Who Needs It: All money transmitter professionals in Wyoming
- Regulating Body: The Wyoming Department of Audit — Division of Banking
- Bond Amount: $10,000–$500,000, based on volume of unprocessed funds
- Minimum Price: $200, or 2% of the bond amount
If you’re applying for a Wyoming money transmitter license, you’ll need to purchase a surety bond. Read on to learn all about the bonding process.
What Is a Wyoming Money Transmitter Bond?
A Wyoming money transmitter bond protects the state and consumers from harmful business practices. The Wyoming Division of Banking requires this surety bond to apply for a state money transmitter license.
If you misuse client funds or submit dishonest records to the Division, affected parties can recover financial losses by filing bond claims.
Who Needs a Money Transmitter Bond?
Any business that receives or sends money for a fee must be licensed and bonded with the Wyoming Division of Banking. Traditional financial institutions, government entities and virtual currencies are typically exempt.
Bond Coverage Requirements for Wyoming Money Transmitters
Your bond amount is calculated as the greater of $10,000 or 2.5 times your outstanding payment instrument liability. The maximum bond amount is $500,000.
Before applying for a quote, verify your exact bond amount with the Wyoming Division of Banking. New licensees will file the minimum $10,000 bond.
How Much Do Money Transmitter Bonds Cost in Wyoming?
Wyoming money transmitter bond premiums start at $200 for $10,000 coverage, or just 2% of the total bond amount. We’ll calculate your exact rate through a soft credit check.
Click below to apply for a free quote today.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Wyoming Money Transmitter Bond Work?
A Wyoming money transmitter bond is a legal contract between three parties: you, the Wyoming Division of Banking and the surety.
| Bond Party | Description |
|---|---|
| 1) Principal | The money transmitter filing the bond |
| 2) Obligee | The Wyoming Division of Banking requiring the bond |
| 3) Surety | The issuing surety provider |
This bond is your financial guarantee to the Division that you’ll comply with state laws and operate ethically.
What Is the Wyoming Money Transmission Law?
All money transmitters must uphold the Wyoming Money Transmitter Act. This law prohibits the following practices:
- Misusing client funds
- Operating while insolvent
- Refusing to cooperate with investigations
- Failing to submit accurate records
If you commit any of these acts, harmed parties can file claims against your bond. The surety will investigate and pay valid claims up to the full bond amount. However, you must reimburse the surety.
How Do I Get a Money Transmitter Bond in Wyoming?
Getting bonded with SuretyBonds.com is fast, simple and secure. This bond requires a quick credit check to determine your exact rate. Once we have your information, we’ll send you a quote within one business day.
After we process your payment, we’ll upload your official bond form directly to NMLS on your behalf. Log in to your NMLS account and authorize the surety to finalize the bonding process.
How Do I Renew My Money Transmitter Bond?
Wyoming money transmitter bonds expire annually. We’ll send you reminders and a renewal invoice starting 90 days before the expiration date.
If your transaction volume increases, you’ll need to contact your surety company to update your bond amount. Otherwise, simply pay the attached invoice to extend your bond term for another year.
How Do I Update My Bond Information?
Surety companies can typically make small changes to your bond form by issuing a bond rider. You cannot update the bond form yourself.
If you purchased your bond from us, email [email protected] with the needed change.
How to Get a Money Transmitter License in Wyoming
The Wyoming Division of Banking licenses money transmitters through NMLS. To apply, submit the following materials:
- Proof of $25,000 in net worth
- Audited financial statements for the past 2 years
- Credit report and background check for all control persons
- Surety bond form
- Detailed business plan and management chart
- Certificate of Authority from the Secretary of State
- List of permissible investments
- Payment for the $2,620 application and processing fees
Once approved, you can view your license in NMLS.
Wyoming money transmitter licenses expire annually on December 31. For your license to remain active, you must keep accurate financial records, maintain your surety bond, and regularly report new authorized agents.
