North Dakota Money Broker Bond Guide
Money brokers in North Dakota must file a surety bond in order to be licensed in the state. Learn how the bonding process works and get a free quote with this guide.
Quick Bond Facts
- Purpose: To ensure money brokers follow licensing regulations and laws
- Who Needs It: All money brokers operating in North Dakota
- Regulating Body: North Dakota Department of Financial Institutions, Consumer Division
- Required Amount: $50,000
- Premium Rates: Credit-based, starting at $500
What Is a North Dakota Money Broker Bond?
A North Dakota money broker bond holds brokers accountable for upholding consumer contracts and industry standards. Filing a surety bond is a licensing requirement for all money brokers operating in North Dakota.
How Much Do Money Broker Bonds Cost in North Dakota?
The Department of Financial Institutions (DFI) requires all money brokers to file a $50,000 bond. Premium rates start at just 1% — or $500 — for applicants with excellent credit. Apply now to get your free, personalized quote.
SuretyBonds.com offers the lowest rates available from our nationwide network of surety providers with no added fees. See how credit rates may impact your $50,000 bond cost here.
How Does a North Dakota Money Broker Bond Work?
A North Dakota money broker bond is a legal contract between three parties:
- Principal: The money broker purchasing the bond
- Obligee: North Dakota DFI Consumer Division requiring the bond
- Surety: The provider issuing the bond
Under this contract, you, as the principal, are responsible for upholding North Dakota Code Chapter 13-04.1.
If you break the bond terms, harmed parties can file claims on the bond. The surety will validate and pay claims up to the full bond amount. However, you are ultimately responsible for refunding the surety.
How Do I Get a Money Broker Bond in North Dakota?
SuretyBonds.com provides the fastest and easiest way to get a money broker bond. Just follow these steps:
- Apply: Submit a request form.
- Quote: Receive a free quote within one business day or less.
- Purchase: Checkout online or call to pay over the phone.
Once you checkout and sign all documents, we’ll upload the official bond form directly to the NMLS on your behalf.
How Fast Can I Get My Bond?
SuretyBonds.com issues money broker bonds faster than any other provider. We process most bond applications same-day. Apply now to get in touch with a surety expert.
How Do I Renew My Money Broker Bond?
North Dakota money broker bonds expire annually. We’ll contact you with a renewal invoice in advance. All you need to do is pay the renewal premium to keep your bond active for another term.
The surety or the DFI can cancel the bond at any point by giving 60-days written notice of cancellation.
How Do I Get a Money Broker License in North Dakota?
The Department of Financial Institutions oversees money broker licensing. You can complete your North Dakota license application through NMLS using the following steps:
- File a $50,000 surety bond
- Submit a criminal background ($36.25/person)
- Submit a credit report for all control persons ($15/person)
- Complete the application in NMLS and upload all supporting documents
- Pay the $400 application fee and $400 license fee
Find more detailed information in the NMLS Money Broker License Application Checklist.
