The Arizona Department of Financial Institutions (AZDFI) works to safeguard the public welfare by protecting their financial assets. The Department licenses, supervises, and regulates state-chartered financial institutions and enterprises, plus ensures compliance with state and federal laws, and investigates complaints by consumers. One of the industries regulated by the Department is money transmitters also known as money remitters, who are required to carry a surety bond.
A money transmitter or remitter is a person who sells or issues payment instruments, or receives payment for the transmission of money.
There are different types of payment instruments, including checks, drafts, money orders, and traveler's checks. A payment instrument does not include items that are redeemable for merchandise or service, such as a credit card voucher or a letter of credit.
Arizona's Department of Financial Institutions is the obligee that requires at least a $25,000 surety bond. The bond amount depends on the number of authorized delegates and Arizona locations a business has.
1-5 locations: $25,000 bond
6-20 locations: $100,000 bond
21-200 locations: $100,000 bond plus $5000 for each delegate or location, with a maximum of $250,000.
201 and more locations: $250,000 bond plus $5000 for each delegate or location, with a maximum of $500,000.
Activities authorized with a Money Transmitter license are:
Application fee: $1500
FBI Criminal Background Check for MU2 Individual: $36.25 a person
Issued in Nov. - Jan, Fee is $500
Issued in Feb - April, fee is $375
Issued in May - July Fee is $250
Issued on Aug- Oct Fee is $125
Uniform Authorized Agent Reporting Annual Processing Fee:
There is an annual fee of twenty-five cents for each active authorized agent/delegate location. There is no fee for first 100 active agents reported. The fee is capped at $25,000 per licensee in one year.
The premium that you pay for an Arizona Money Transmitter Surety Bond is dependent on credit and the bond amount required. Surety bond amounts over $50,000 will require personal and business financial statements for underwriting purposes.
Applications are to be submitted online through the NMLS.
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, call us first. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application