Connecticut Money Transmission Licensee Bond
What is a Connecticut Money Transmission Licensee Bond?
A Money Transmitter Bond is required for businesses engaged in the transmission of funds between unrelated consumers or businesses. Transmission methods typically include wire transfers, electronic bank transfers, checks, or other check payment instruments. The surety bond protects customers in the event the money transmitter mishandles funds or commits fraudulent or illegal acts. These surety bonds are also be referred to as Money Services Bonds, Cashier of Checks Bonds, Sale of Checks Bonds, or Electronic Money Transfer Bonds.