Texas Money Services Bond
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How much does a money services surety bond cost in Texas?
The Commissioner of the Texas Department of Banking requires money transmitters and currency exchangers to post surety bonds before conducting business in the state. The required bond amount varies based on the volume of money transmission services the business provides in a calendar year. The amount is equal to 1% of the license holder’s total yearly volume of money transmission business or applicant’s projected total volume of business in Texas for the first licensed year. The bond amount must be at least $300,000, with a maximum of $2,000,000. Applicants must verify their required amount of bond coverage with the state prior to bonding.
The price you’ll pay for your bond depends on both a review of your personal credit report and your required bond amount. Because these variables can fluctuate so much, the best way to find out exactly how much you’ll pay for your Texas surety bond is to request your free bond quote online.
Why do I need this bond?
By posting a Texas money services surety bond, principals (money transmitters and currency exchangers) pledge to conduct business according to the rules and regulations stated in the Texas Finance Code (Title 3, Chapter 151). Specifically, the bond ensures that principals faithfully apply all funds received in connection with any currency exchange or money transmission business.
If the principal fails to conduct business according to these terms, the bond protects the state and any consumer harmed by guaranteeing financial reimbursement up to the full amount of the bond.
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What’s the fine print?
Money service bonds in Texas remain in effect for the entire term of the principal’s license or until canceled by the surety. The surety can cancel the bond by filing written notice of cancellation with the commissioner at least 30 days prior to the effective cancellation date.
How to provide money services in Texas
Posting a Texas money services bond is just the first step toward obtaining your license from the state to act as a money transmitter or currency exchanger. The following information, fees, and documents must be submitted to the department to be eligible for a license:
- background checks on applicants, shareholders, principals, and responsible individuals
- list other states in which the applicant is licensed
- all necessary application fees
- business plans
- prepaid access plan
- audited financial statements
- interim financial statements
- familiarity with all applicable state and federal laws
- $2,500 application fee
- minimum net worth of $100,000 for four or fewer locations; $500,000 for five or more locations
License holders must pay annual license fees. More licensing information can be found in Chapter 151, Title 3 of the Texas Finance Code in the Additional Resources section below.
The Federal Crimes Enforcement Network (FinCEN) requires currency exchangers and money transmitters to register as money services business (MSBs) prior to state licensing. This requires currency exchangers and money transmitters to complete the registration process via the Bank Secrecy Act (BSA) E-Filing System. The link for this process can be found below.
Take the first step toward becoming licensed in Texas by purchasing the surety bond you need.
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