Georgia Money Transmitter or Check Seller Bond

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Georgia Money Transmitter or Check Seller Bond Information

The Georgia Department of Banking and Finance requires a Sale of Payment Instruments or Money Transmission Bond for a license to engage in the business of transmitting money or selling and issuing checks or other payment instruments in the state. The surety bond ensures that the bonded principal, its employees and agents comply with the provisions of Georgia State Code (O.C.G.A. §§ 7-1-680 et seq.), all applicable regulations and all other laws pertaining to the conduct of its business. The principal is obligated to pay all monies that may become due to the State of Georgia including funds owed for fees, fines or penalties under state laws or the Rules of the Department of Banking and Finance. The principal must also pay any monies due to any person as a result of a violation of state laws and regulations.

How Much Does a Money Transmitter or Check Seller Bond Cost in Georgia?

Money Transmitter or Check Seller Bond

Bonds up to $200,000

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What Does a Money Transmitter or Check Seller Bond Protect Against?

The surety bond protects those damaged by the principal's acts or the acts of any employee or agent of the principal under Official Code of Georgia Annotated (“O.C.G.A.”) §§ 7-1-680 et seq. The principal must comply with the Code, all related state regulations, and all other laws applicable to the conduct of its business. Further, the principal must pay all monies that may become due and owing to the State of Georgia including monies owed for fees, fines or penalties related to the provisions of O.C.G.A. §§ 7-1-680 et seq. or the Rules of the Department of Banking and Finance. Finally, principal must pay all monies that may become due and owing any person due to the violation of any such laws and regulations.