Virginia Money Order Sales and Money Transmission Bond
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How much does a money order sales and money transmission bond cost in Virginia?
The Commissioner of Financial Institutions of the Commonwealth of Virginia requires money transmission professionals to post a surety bond in order to legally conduct business. The amount of the bond will vary, with a minimum of $25,000 and a maximum of $1,000,000 of coverage, as determined by the Commissioner.
These bonds are subject to underwriting, so the amount you’ll pay will vary depending on several factors, including your personal financial statement. Get started by submitting a free quote request.
What does this bond do?
Money order sales and money transmission bonds ensure that principals (money transmitters) comply with Chapter 19 of Title 6.2 of the Code of Virginia and any other applicable regulations. The bond ensures that money transmission customers are protected from any fraudulent activity. If the principal violates any of the bond’s provisions, the bond is subject to valid claims filed against it.
In the event of a valid claim, the surety will cover for any damages up to the penal sum of the bond. However, the principal must reimburse the surety in a timely manner.
If you’re ready to get bonded quickly, easily and accurately, fill out our online bond form.
What’s the fine print?
Virginia money order sales and money transmission bonds can be terminated with written notice to the Commissioner of Financial Institutions 90 days prior to cancellation. The bond remains in full force and effect until cancelled or voided by the principal’s violation of any applicable laws, rules or regulations. Violations of a money order sales or money transmission license include:
- Conviction of a felony or misdemeanor involving fraud, misrepresentation, or deceit
- Refusal to permit an investigation or examination by the Commissioner
- Failure to pay any fee or assessment imposed by the Virginia Code
These violations may result in license revocation. See the Virginia Code for a full list of violations.
What are the licensing requirements?
The Commonwealth of Virginia requires money order sales and money transmission professionals to become licensed in order to legally conduct business. Licensing requirements include:
- $1,000 non-refundable licensing application fee
- Annual assessment and renewal fees
- Net worth of at least $200,000 or a higher amount as determined by the Commissioner
- Must register as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN) of the United States Department of the Treasury
Check with the Commonwealth of Virginia for a full list of requirements.
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