Maryland Money Transmitter | $150,000 Money Transmitter Surety Bond

Also known as: money transmitter bond

Type of Bond

A Maryland money transmitter bond is a type of surety bond required for individuals or businesses that engage in the transmission of money or electronic funds on behalf of others in the state of Maryland. It serves as a financial guarantee that the bonded entity will comply with the laws, regulations, and licensing requirements governing money transmission activities. The purpose of the bond is to protect consumers and ensure that money transmitters operate with integrity, honesty, and in compliance with established guidelines. It provides assurance that the bonded entity will fulfill its obligations, handle customer funds securely, and follow proper procedures for transmitting money. By obtaining the bond, the money transmitter agrees to abide by the requirements set forth by the Maryland Office of the Commissioner of Financial Regulation or other relevant authorities. This may include obtaining the necessary licenses, maintaining accurate records, implementing anti-money laundering measures, and complying with consumer protection laws. If the money transmitter fails to meet its obligations or violates the terms of the bond agreement, a claim can be filed against the bond. This allows consumers or regulatory bodies to seek financial compensation for any damages, losses, or non-compliance issues resulting from the money transmitter's actions. The bond amount for a Maryland money transmitter bond is typically determined based on the state's requirements and may vary depending on factors such as the volume of transactions or the level of risk associated with the money transmission activities. Money transmitters should consult with the Maryland Office of the Commissioner of Financial Regulation or a surety bond provider to understand the specific bond amount and requirements applicable to their licensing and regulatory obligations as a money transmitter in Maryland.


Program

The price you'll pay for your $150,000 Money Transmitter Bond is generally based on your personal credit score. Start a free online quote by just completing a simple app or by calling 888-518-8011. Our experts will walk you through a very simple process. Compare our quote as the very lowest price, and then you're good to go! It's that simple!

We provide all types of $150,000 Money Transmitter Bonds. Worldwide Insurance Specialists, Inc. has "in house" underwriting authority with the largest and best Surety (Insurance) companies in the world including, Great American, Liberty Mutual, Philadelphia, Travelers, and CNA Surety. All of these surety bond companies are A-rated under the AM Best credit rating system, and T-listed with the U.S. Department of Treasury. This guarantees that by getting bonded through us, you will be provided the backing of these highly trustworthy and reliable companies.


Application

The application process for a $150,000 Money Transmitter Bonds is easy! Many Bonds are INSTANT ISSUE! Easy Application, no underwriting, no credit check, no GIA required. Our NEW Desktop underwriting program provides you with a rapid approval process used to determine the degree of risk that you (the Principle) complete a project or obligation. Non-INSTANT ISSUE quotes can also get instantly approved. Submissions require very little information from you. Once you file and sign an indemnity agreement, we issue the Bond. It's that simple! We quote and issue Surety Bonds of every type and will help you through the entire process. These applications only require basic information about your business, bond type, and ownership structure. Once the application is complete, we submit to the insurance company (Surety) who will then issue your bond. Don't pay too much! Get your Bond Fast, and Easy with the best price! Click here to start the Money Transmitter Bond Application process.

The Maryland Money Transmitter Bond amount is currently set at  $150,000.

Obligee Information

An obligee is the entity that is requiring you to have the Money Transmitter bond.

Obligee: State Of Maryland