The Oklahoma Banking Department works to protect consumers by supervising, licensing, and regulating financial institutions in the state, which includes money transmitters and sellers of checks. The Department makes sure money transmitters and sellers of checks are licensed, have and adequate net worth, and have obtained a security such as a surety bond.
A license application for a money transmission business includes:
The Oklahoma Banking Department is the obligee that requires money transmitters to obtain a surety bond. Bond amounts are:
In lieu of surety bond, applicants may supply an irrevocable letter of credit, or may deposit acceptable securities with the Banking Department.
$3000 application fee
$2000 license fee
$50 per authorized delegate - no cap amount.
$100 NMLS processing fee
$36.26 FBI Criminal Background Check Authorization
Submit the "Authority to Collect and Release Information" to the Oklahoma Bureau of Narcotics, plus a $50 fee per individual for all who serve as the applicant's board of directors/managers.
The premium that you pay for an Oklahoma 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.
The application process includes submitting documents through the NMLS, and submitting documents outside the NMLS.
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