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Arkansas Money Transmitter Bond

Arkansas Money Transmitter Bond

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Who Requires the Money Transmitter Bond and Why Is It Needed?

A surety bond must be furnished by Arkansas money transmitters in accordance with the Arkansas Uniform Money Services Act. The surety bond must be in a coverage amount of $50,000 plus $10,000 per additional location and a maximum bond coverage amount required is $300,000. The state of Arkansas Securities Department generally requires a person or business to have a license and a surety bond to engage in money services if the entity receives money or its equivalent value for transmission, sells, issues, or acts as an intermediary for stored value devices, issues or sells prepaid access cards, conducts bill payer services, or engages in informal money transfer as a business for transferring money outside the traditional financial institutions system.

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your Arkansas Money Transmitter Bond. The quote request is free and there is no obligation to you. If you prefer, please call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.

If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.

What Does the Bond Protect Against?

The Arkansas Money Transmitter Bond ensures compliance with the provisions of Uniform Money Services Act [Ark. Code Ann. § 23-55-101 et seq.], payment and proper discharge of all amounts owed due to judgments or orders from a court of competent jurisdiction or by anyone financially damaged by the bonded principal while engaging in the business of Money Transmission, including judgments for the misappropriation of funds paid into or deposited with the bonded principal




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