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South Carolina Money Transmission Business Surety Bonds

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The State of South Carolina Attorney General, Legal Services Division regulates and administers the Money Transmission program and has oversight of the licensing, as well as handling of auditing and consumer complaints. Chapter 11 Section 35-11-200 of the Code of Laws of South Carolina requires any person that is in the business of advertising or providing money transmission services and currency exchanges to first obtain a license.

Surety Bond and License Requirements:

  1. Payment of the license fee and completion of the application and related forms.
  2. If available, provide copies of audited financial statements for the most recent fiscal year. Additionally, the next two years financial statements will need to be submitted to the state.
  3. A minimum $50,000 surety bond is required for the primary business location, and a $10,000 surety bond is required for each additional location, up to a maximum of $250,000 surety bond. A further surety bond limit of up to $1,000,000 may be required based on the net worth of the business and project volume of money transactions.
  4. Another form of security may be substituted for the surety bond and must be of equal value of the bond.

How Much Will a South Carolina Money Transmission Bond Cost?

The premium that you pay for a South Carolina Money Transmission Surety Bond is dependent on credit and the bond amount required. Our rates start at 1.5% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.

Did You Know?

The SC Anti-Money Laundering Act has not given a date when the new act will go into effect. The Act was supposed to have begun June 9, 2017 but that date has now been pushed back.

Related Links:

South Carolina Money Transmitter Information
South Carolina NMLS 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, call us first. 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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