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West Virginia Money Transmitter License Surety Bonds

A money transmitter hands cash to a client

West Virginia's Division of Financial Institutions is a regulatory agency for the state's financial services industry. The Division advises the Commissioner on matters in the jurisdiction, approves or denies applications, and provides means of appealing decisions by the Commissioner. Industries that are supervised by the Division include Money Transmitters, Currency Exchange, Currency Transportation, and Check Cashing. Licensing for all of these includes obtaining a security such as a surety bond.

A license is required of any individual or entity engaging in these businesses:

Currency transmission or money transmission - Sale of checks, electronic transmission and wire transmission, sale of stored value cards intended for general acceptance
Currency exchange - Conversion of currency from one governmental form to that of another government
Currency transportation - Physical transportation of currency between locations in a manner other than by a licensed armored car service.
Check Cashing - Cashing checks for consumers for a fee. Fees may not exceed $1, or 1% of the face value of the check cashed, whichever is greater.

Obligee and Surety Bonds

West Virginia's Division of Financial Institutions is the obligee that requires a form of security, such as a surety bond. Bond amounts are:

Currency transportation, or currency transmission by wire or other electronic means: $300,000 plus $25,000 for each authorized delegate office in the state, up to $1 million.

For Sale of Money Orders and Travelers Checks, currency exchange: $100,000 plus $25,000 for each authorized delegate location in the state, with a maximum of $1 million.

Licensing Requirements

Fees:

Initial licensing fee is $1000 plus $20 for each additional location, with a maximum of $10,000.
Renewals: $250 fee plus $20 for each additional location, with a maximum of $10,000.
$100 NMLS processing fee
$15 credit report
$36.26 FBI Criminal Background Check Authorization fee

Application requirements:

West Virginia Secretary of State registration of other trade name
Authorized Agents (Delegates) Locations
Surety Bond
Certificate of Authority/Good Standing Certificate
Business Registration
Designated Contact Individuals
Bank Account Information
Authorized Delegate Fee
Resident/Registered Agent
Credit Report
Release Form for criminal and credit investigations
MU2 Individual FBI Criminal Background Check
Disclosure Questions
Financial Statements
Business Plan
Management Chart
Organizational Chart/Description

How Much Will This Bond Cost?

The premium that you pay for a West Virginia Money Transmitter Surety Bond is dependent on credit and the bond amount required. SuretyGroup.com's Surety Bond Specialists can provide you with a free quote that fits your specific needs.

Did You Know?

The net worth requirement for a West Virginia Money Transmitter is $50,000 plus $25,000 for each additional authorized delegate location in the state, with a max of $1 million.