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Minnesota Money Transmitter Bonds

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What is a Minnesota Money Transmitter Bond?

A Money Transmitter Bond is required for businesses engaged in the transmission of funds between unrelated consumers or businesses.

In 2023, the Minnesota Money Transmission Modernization Act (MTMA) went into effect raising the "Prudential Standards" for financial guarantee. If other assets do not meet the criteria (and the criteria was changed with the MTMA), a surety bond ranging from $100,000 to $500,000 is required.

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Money Transmitter Bond

Bonds $100,000 or more up to $500,000

Get a Free Quote Takes 2 MinutesPrices require individual quotes. Usually from 0.5% to 3% of the bond amount

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Why is a Minnesota Money Transmitter Bond Required?

The surety bond protects customers in the event the money transmitter mishandles funds or commits fraudulent or illegal acts. 

Transmission methods typically include wire transfers, electronic bank transfers, checks, or other check payment instruments.

Additional Minnesota Money Transmitter Bond Resources & Links

The laws regarding the Minnesota Money Transmitter Modernization Act (MTMA) are in 2023 Minnesota Law Chapter 57.