New York's Department of Financial Services (DFS) regulates and licenses the state's financial services industries, guards against financial crises, and protects consumers and markets from fraud. One of the financial services that the Department oversees is Transmitters of Money.
A transmitter of money is in the business of issuing and selling traveler’s checks and money orders, and transmits money by any means including transmissions within this country or abroad by wire, check, draft, facsimile or courier. The New York Banking Law requires that money transmitters be licensed, and a part of the licensing process includes obtaining a surety bond.
New York's Department of Financial Services is the obligee that requires transmitters of money to obtain a New York Instrument Surety Bond of at least $500,000. A deposit of cash, interest-bearing stocks and bonds, notes, debentures or other securities may fulfill this requirement. Money transmitters that sell traveler checks need to obtain a $750,000 New York Travelers Check Surety Bond.
The Superintendent may take these and other factors into consideration when determining the bond amount:
A New York license for a Transmitter of Money allows the following activities:
Licensing fees for New York Transmitter of Money are:
The following are some of the items that are required to be completed online through the NMLS:
The premium that you pay for a New York 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. SuretyGroup.com's Surety Bond Specialists can provide you with a free quote that fits your specific needs.
Control persons who have not resided in the U.S. for the last five years must have an investigative background report prepared by an acceptable search firm. The applicant must pay the cost of the report.
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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