Nevada Money Transmitter Surety Bond
The State of Nevada, Department of Business and Industry, Financial Institutions Division, otherwise known as the FID, regulates and administers the Money Transmitter or Payment of Money program and has oversight of the licensing, as well as handling of auditing and consumer complaints.The Nevada Revised Statutes Chapter 671 defines the regulations, license, and application requirements for issuers of instruments for transmissions or payment of money.
Surety Bond and License Requirements:
- Payment of the license fee and completion of the application and related forms and documentation.
- Applicants will need to provide a current certified financial statement as verification of net worth. If the applicants minimum net worth is less than $100,000, a surety bond or other form of financial security may be required in an amount that is at least twice the minimum sum required.
- Obtain a minimum $10,000 surety bond for the main location and $5,000 surety bond for each location up to a maximum of $250,000. Instead of a bond, another form of security may be deposited with the state of equal amount.
How Much Will This Bond Cost?
The premium that you pay for an Nevada Money Transmitter Surety Bond is dependent on credit and the bond amount required. Our rates start at 1.5% with good credit. Personal and business financial statements will be required for the underwriting process if the bond amount is more than $50,000. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
Did You Know?
A Nevada money transmitter licenses must be renewed prior to July 1 of each year.
Related Links:
Nevada Issuers of Instruments for Transmission or Payment of MoneyNevada Money Transmitter License Information
More Surety Bond Questions?
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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