Over the past decade, greater industry requirements and stricter licensing requirements have been put in place due to revolutions in digital commerce and online payments. To obtain a money transmitter license, many states require a surety bond, called a money transmitter bond. Money transmitters are often held to a high standard as they are expected to handle their client’s money responsibly and lawfully. If you are an online retailer that accepts online payments, you will most likely need this type of bond.
The amount you will pay will be a small percentage based on your personal credit score. For example, if you have a good credit score, you can pay as little as 1% of the bond. The range for those with decent credit will be about 2–5%, but with poor credit, you could pay more. Contact us for a free quote so you will know the exact amount you will be paying.
The Florida Office of Financial Regulation, Division of Consumer Finance, administers the license and requires a corporate surety bond in pursuant to Section 560.209, Florida Statutes. The Obligee on the bond is the Financial Services Commission of the State of Florida as Head of the Office of Financial Regulation.
The Florida Money Transmitter Bond runs continuously from effective date until canceled. The bonding company will bill for the bond annually. It is likely that variations in business volume each year will require either cancellation and rewriting, or amending the bond periodically as the Florida Office of Financial Regulation, Division of Consumer Finance may dictate.
Contact The ProSure Group. As surety bond experts in business over 23 years in Florida, The ProSure Group has handled hundreds of bonds of this type and has partnerships with more than 30 different surety companies. This ensures that we get you the best, most competitive pricing and terms available in the marketplace. You just need to complete our simple application and one of our specialists will quickly contact you.
What you will need to submit to obtain your license:
Registration with the U.S. Department of Treasury, Financial Crimes Enforcement Network (FinCEN) is required within 180 days of the date the business was established. Applicants must register using the Bank Secrecy Act (BSA) E-Filing System.
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