Kentucky Money Transmitter Bond
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How much does a money transmitter bond cost in Kentucky?
The Kentucky Department of Financial Institutions requires money transmission professionals to post surety bonds to legally work within the state. Before beginning the bonding process, applicants should verify their required bond amount with the state in which they choose to do business. This bond must have $500,000 coverage. This specific bond type is subject to underwriting, meaning the amount you’ll pay depends on a review of your personal credit report as well as your required bond amount.
If you’re ready to become bonded quickly, easily and accurately, call SuretyBonds.com at 1 (800) 308-4358 or submit a bond request. We can typically provide your free, no-obligation bond quote within 1 business day of submitting an application.
Why do I need this bond?
Kentucky money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Chapter 286.11 of the Kentucky Revised Statutes and all other laws applicable to the business of money transmission. If fraudulent activity occurs as a result of malpractice conducted by the principal, consumers will not face any financial harm. Acts of malpractice and causes for license suspension and revocation include:
- engaging in fraud, intentional misrepresentation or gross negligence
- failing to cooperate with an examination or investigation by the Commissioner of the Kentucky Department of Financial Institutions
- engaging in an unsafe or unsound practice
Other causes for license suspension and revocation can be found below in the Additional Resources section.
What’s the fine print?
Kentucky money transmitter licenses remain in effect for one year and can be renewed with a $250 or $500 annual fee. The applicant must have a minimum net worth of $500,000 to apply for this license.
How to become a money transmitter in Kentucky
To become a licensed money transmitter in Kentucky, applicants must provide the following information on the license application:
- legal name of the applicant and their residential and business addresses
- description of the activities conducted by the applicant and a history of operations, including, if applicable, a description of any money transmission that has been previously provided by the applicant in Kentucky
- list of other states or countries in which the applicant is licensed to engage in money transmission or other similar money services
Other license application requirements can be found below in the Additional Resources section.
In addition, applicants must submit a nonrefundable $500 application/investigation fee.
Upon the filing of the application, a mandatory investigation will be conducted to determine if all required criteria are met by the applicant.
Take the first step toward becoming licensed in Kentucky by purchasing the surety bond you need quickly, easily, and accurately!
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