Michigan Money Transmitter Bond
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How much does a money transmitter bond cost in Michigan?
The Michigan Department of Insurance and Financial Services requires money transmitter professionals to post a surety bond to legally conduct business in the state. The amount of the bond is determined by the commissioner and is based on both the number of locations and authorized delegates of the applicant. Applicants should verify their bond amount with the state.
These bonds are subject to underwriting, so the amount you’ll pay depends on a review of your personal financial statement. Let our experts help you determine your bond cost. Request your free bond quote now!
Why do I need this bond?
This bond ensures that licensed money transmitters adhere to the rules and regulations in the Michigan Money Transmission Services Act. It protects consumers from financial damages in the event that the principal (money transmitters) fails to comply with the terms of the Act.
If the principal does not conduct business lawfully, he or she must compensate the surety for any damages it covers.
What’s the fine print?
The bond remains in full force and effect as long as the principal complies with all applicable laws, rules and regulations. It expires on December 31.
Michigan money transmitters must register as money services businesses with the Financial Crimes Enforcement Network (FinCEN) of the United States Department of the Treasury.
How to become a money transmitter in Michigan
Michigan requires money transmitters to become licensed to legally operate in the state. Licensing requirements include:
- $600 non-refundable application and investigation fee
- Net worth of at least $100,000 plus $25,000 per location if services are offered at more than one location
- Description of money services offered by the applicant previously (if any) as well as the services the applicant intends to offer
Check with the Department of Insurance and Financial Services for a full list of requirements.
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