A foreign transmittal agency is defined as an agency that engages in the business of receiving deposits of money for the purpose of transmitting of money to foreign countries.
Licenses for foreign transmittal agencies in Massachusetts must be approved by the Massachusetts Division of Banks.
The Non-depository Institution Supervision (NDIS), a departmental unit of the Division of Banks, is responsible for the licensing and examination of money services businesses, which includes foreign transmittal agencies. NDIS works to assure compliance with consumer protection laws, and determines if the licensee is operating in a safe and sound manner.
All applications for company licenses must be filed through the Nationwide Multi-State Licensing System & Registry (NMLS). One aspect of licensing includes obtaining a $50,000 surety bond.
The Massachusetts Division of Banks is the obligee that requires a surety bond for foreign transmittal agencies. A $50,000 surety bond is required for the initial license. After that, the bond amount is equal to twice the average weekly funds deposited with the licensee by Massachusetts consumers for remittance to foreign countries.
Licenses and surety bonds expire yearly on Dec. 31.
Licensing fees include:
Required forms to be submitted in NMLS:
Required documents to be submitted outside the NMLS:
The premium that you pay for a Massachusetts Foreign Transmittal Surety Bond is dependent on credit and the bond amount required. Contact our Surety Bond Specialists to get a free quote that applies to your specific situation.
Surety bonds for Massachusetts foreign transmittal agencies must be written by a surety agency that is licensed in Massachusetts. SuretyGroup.com is licensed to write all surety bonds in the state, and fulfills that requirement.
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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