West Virginia Money Transmitter License Surety Bonds
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.
- 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
- 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.
Related Links:West Virginia NMLS Money Transmitter License InformationWest Virginia Money Transmitter 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, 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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