The New Hampshire Banking Department supervises the licensing of money transmitters in the state.
A money transmitter engages in the business of selling or issuing payment instruments or stored value, or receiving currency or monetary value for transmission to another location. Payment instruments include any electronic or written check, draft, money order, and traveler's check.
State laws require the Department to ensure compliance with state and federal laws and regulations. The Department has the authority to investigate consumer complaints, hold public hearings, assess fines, and order restitution if the laws and regulations are violated. One of the conditions of licensing as a money transmitter in New Hampshire is obtaining a $100,000 surety bond.
New Hampshire money transmitters must register with the Secretary of the State and upload a $100,000 surety bond in NMLS before they can be issued a license. The bond must be payable to the Bank Commissioner of the State of New Hampshire. No business may begin until the license has been approved and issued. A surety company must give a 30-day written notice to the Commissioner before canceling or terminating a bond.
A surety bond is required 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 bond, and 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.
The principal office of the applicant must be licensed even if it's not located in New Hampshire. A non-refundable fee for a principal location is $500. Authorized delegates that are located in New Hampshire must be registered and pay a $25 fee for each, up to $4500.
The licensing process requires providing an application which includes:
Licensees must maintain a net worth of $1 million or its average daily outstanding money transmissions during the prior calendar year, whichever is lower.
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