New York Money Transmitter Bond
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How much does a money transmitter bond cost in New York?
The New York Department of Financial Services 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 minimum 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. The experts at SuretyBonds.com make the bonding process fast and easy for all applicants. Request your free bond quote now!
Why do I need this bond?
New York money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Article 13-B of the New York Banking Law 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 unjust financial harm. Acts of malpractice include:
- Knowingly receiving transmission from an individual of $10,000 or more in a single transaction
- Receiving transmission of $25,000 or more in a 30-day period or less
- Collecting $250,000 of transmission within a 1-year period or less
- Money transactions involving money that is known to be associated with criminal conduct
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What’s the fine print?
New York money transmitter surety bonds remain in full force and effect until canceled and can be continued by the issuance of an appropriate license renewal certificate.
How to become a money transmitter in New York
To become a licensed money transmitter in New York, applicants must provide the following information on the license application:
- Exact name of the applicant
- Residential address of applicant
- Complete address for the principal place of business
- Address of which the books and records are to be stored and maintained
- Addresses of additional places of business, if applicable
In addition, applicants must submit a nonrefundable filing and 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.
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