Wyoming Money Transmitter Surety Bond

The state of Wyoming Department of Commerce, Community & Economic Development, Division of Banking regulates and administers the Money Transmitter program and has oversight of the licensing, as well as handling of consumer complaints and auditing. The licensing processes will need to be completed through the Nationwide Multistate Licensing System (NMLS). The Wyoming Money Transmitters Act (WY Title 40 Chapter 23) requires any person providing money business services including money transmitters to first obtain a license and a form of financial security, in which as surety bond meets that requirement. The financial security ensures compliance of state laws and honest and ethical business practices.

Surety Bond and License Requirements:

1. Complete the application and provide the license payment and the NMLS processing fee, credit report fee (for each control person) and the FBI Criminal Background Check Authorization Fee (for each control person).
2. Provide information for the structure of the company including publicly traded stock, business formation documents, a certificate of good standing (that is dated not more than 60 days prior to the application filing date), top management name and employment history, any material litigation or criminal history for the past five years for each executive officer and key shareholder.
3. Businesses that will not be set up as a corporation will need to provide the business structure, name address and personal financial statements for the previous five years for each person that will be in a position of licensed activities. Documentation will also need to be submitted for any material litigation or criminal convictions for the past five years for each person having ownership interest and audited financial statements (balance sheet, statement of income or loss and statement of changes in financial position) for the previous two years.
4. A minimum $10,000 surety bond is required or 2 ½ times of the outstanding payment volume. The maximum surety bond amount can be up to $500,000 based on the financial net worth of the business.
5. Instead of a surety bond, provide another form of financial security acceptable to the state may be provided in an amount of equal value to the bond.
6. Provide audited financial statements that include a balance sheet, statement of income or loss, statement of changes in shareholder equity and statement of cash flow and the most recent quarter financial statement. For companies that are a subsidiary of a corporation that is publicly traded in the United States, proved the most recent audited financial statement for the parent company (form 10k report).
7. Provide sample copies of service contracts and other documents to be used in the course of business, a business plan, an organizational chart and a management chart.
8. Provide copies of filings with the US Securities and Exchange Commission (if any).
9. List the type of payment investments and the total amount of all outstanding payment instruments. Also provide the average number of payment instruments and amount and the number of total payment instruments for the previous 12 months for Wyoming and for the United States.
10. Answer all questions in the application including: the authorized delegates, clearing bank(s), licenses for other states, description of business activities, history of operations, and business to be conducted in Wyoming and provide explanations for any disclosure statements answered “yes.”

How Much Will a Wyoming Money Transmitter Bond Cost?

The premium that you pay for a Wyoming 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. For bond amounts over $50,000, personal and business financial statements will be required for the underwriting process. Contact our Surety Bond Specialists for a free quote that fits your specific situation.

Did You Know?

Total application and NMLS fees are $1,500, a $15 credit report fee and a $39 background check fee is required for each control person.

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