Florida Money Transmitter or Money Services Business Bond
Florida Money Transmitter or Money Services Business Bond Information
The Office of Financial Regulation requires money service businesses acting as Part II Licensees pursuant to Chapter 560, Florida Statutes to furnish a corporate surety bond. The surety bond is conditioned upon the bonded principal's conformance with Chapter 560, Florida Statutes. The Office of Financial Regulation, the Department of Legal Affairs, or any individual claimant may file a claim against this bond in the event of the principal's failure to faithfully perform obligations including the receipt, handling, transmission, and payment of funds. The bond is commonly in a penal sum of $50,000 and it runs continuously until cancelled by the surety company with 30 days written notice to the State of Florida, Office of Financial Regulation.
What Does a Money Transmitter or Money Services Business Bond Protect Against?
This surety bond protects the Florida Office of Financial Regulation, Department of Legal Affairs, and any other party bringing a valid an action against the bond due to failure of the bonded principal or its authorized vendors to perform obligations of receipt, handling, transmission, or payment of funds.