Money transmitters sell or issue checks, or receive money or monetary value for transmissions by any and all means, including but not limited to wire, facsimile or electronic transfer.
Mississippi's Department of Banking and Consumer Finance (DBCF) supervises and regulates financial industries in the state, ensures the safety and soundness of the institutions, monitors compliance with laws and regulations, and may also bring enforcement actions against an institution. The Department oversees Money Transmitters in Mississippi and requires a $25,000 surety bond as a part of the licensing process.
The Department of Banking and Consumer Finances is the obligee that requires a surety bond for $25,000, or in an amount equal to outstanding money transmissions in Mississippi, whichever is greater. However, no bond shall exceed $500,000. Instead of a bond an applicant may submit proof of a government bond or CD equal to the required amount.
The security device is required to protect consumers in the event a money transmitter (the licensee) fails to comply with the state regulations and laws and if found in violation, a claim may be placed against the security device. In the case of a claim on a surety bond, the licensee (the principal listed on the bond) is responsible for repayment of the claimed amount. If the surety pays the claim, the principal is required to reimburse the surety.
Applications and renewals are done through the National Multistate Licensing System (NMLS) website and the license period is April 1 to March 31.
Minimum requirements for licensing include:
The premium that you pay for a Mississippi 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. Bond amounts over $50,000 will require two years of personal and business financial statements. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
A surety bond must be issued by a surety agency that is licensed to operate in Mississippi. SuretyGroup.com fulfills this 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.
For a downloadable application