The Nebraska Department of Banking and Finance (NDBF) is a state agency that regulates several different financial industries, including money transmitters, to ensure compliance with state laws. The Department also investigates consumer complaints against state-chartered or licensed entities.
A money transmitter's business involves the sale or issuance of payment instruments, stored value, or of receiving money or monetary value for transmission to a location by any and all means, including wire, facsimile, or electronic transfer.
In order to ensure faithful performance of money transmitter licensees, the Department requires licensees to obtain a minimum $100,000 surety bond.
The Department requires a money transmitter to obtain a minimum $100,000 surety bond or another type of security instead of a bond. The required amount increases by $5,000 per location for every extra location beyond the first. The maximum bond amount is $250,000, regardless of the number of locations. The surety bond or other security is in place to protect consumers in the event a money transmitter (the licensee) fails to comply with the state regulations and laws. 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.
A Nebraska money transmitter license cost $1,000. License requirements include the following, when applicable:
The premium that you pay for a Nebraska 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. Business and personal financial statements are required for underwriting purposes. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
Money Services Business (MSB) must register with the United States Treasury Department within 180 days of the start of operations.
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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