The Office of the State Bank (OSB) Commissioner of Kansas regulates state-chartered banks, trust companies, mortgage businesses, supervised lenders, credit service organizations, and money transmitters and ensures compliane of the Kansas Money Transmitter Act.
A money transmitter is a person who engages in the business of the sale or issuance of payment instruments or of receiving money for transmission to another by wire, facsimile, electronic means or any other means.
One aspect of licensing for money transmitters includes obtaining security, such as a surety bond.
The Office of the State Bank Commissioner is the obligee requiring Kansas money transmitters to obtain a surety bond for licensing. The surety bond, or other type of security must be $200,000 or the licensee's transaction volume in Kansas times .25%, whichever is greater.
The Commissioner may increase the amount up to $1 million.
The Bond is to ensure the money transmitter will faithfully perform obligations in regard to the receipt, handling, transmission and payment of monetary value.
A money transmitter license authorizes the following activities:
Fees are based on a licensee's total transaction volume, with a minimum renewal fee of $1,000 and a maximum $4,000 for in state licenses, and a max of $20,000 for out of state licenses.
Pre-requisites for license applications:
Requirements to be completed in the NMLS:
Documents to be submitted outside of NMLS:
The premium that you pay for a Kansas Money Transmitter Surety Bond is dependent on credit and the bond amount required. Our rates start at 1.5% of the bond amount with good credit. Personal and business financial statements will be required for underwriting purposes. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
Check Cashers are not required to have this license.
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.
For a downloadable application