The Arkansas Securities Department provides consumer protection and education related to the securities and financial markets in the state. The Department reviews applications from industries and works to prevent issues before they occur, and assists the public with complaints, investigates violations of statutes and rules, and performs examinations of registrants.
One of the industries regulated by the Securities Department is Money Transmitters, who are required to carry a surety bond as a guarantee of honest transactions.
The Arkansas Securities Department is the obligee requiring the surety bond. The bond amount is $50,000 plus $10,000 per location, with a maximum bond amount is $300,000. The Commissioner may increase a licensee's bond amount to a maximum of $1 million.
Surety bonds must cover claims for at least five years after a licensee ceases to provide money services in Arkansas. The commissioner may permit the bond amount to be reduced or eliminated before that time.
The Arkansas Uniform Money Services Act requires a person or business to have a license before engaging in money services activity in the state.
A money transmitter license allows the following activities:
After an application is filed, the commissioner will investigate the applicant's finances, experience and character.
The premium that you pay for an Arkansas Money Transmitter Surety Bond is dependent on credit and the bond amount required. Personal and business financial statements will be required for the underwriting process.
Licensees must have a net worth of at least $250,000.
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. 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.
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