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Mississippi Money Transmitter Bond

Mississippi Money Transmitter Bond

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

A Surety Bond is required for Mississippi money transmitter businesses pursuant to the Mississippi Money Transmitters Act and State of Section 75-15-1 et seq., Miss. Code Ann. The condition of the surety bond is that the bonded money transmitter complies with and abides by the provisions of the Laws and the Rules and Regulations of the Commissioner of the Department of Banking and Consumer Finance of the State of Mississippi, and pays to the State, the Commissioner, or to any other individual under the provisions of the Act or of any check, draft, money order, personal money order, or other instrument for the transmission or payment of money issued by the bonded principal within this State of Mississippi.

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your Mississippi 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 is Needed to Obtain My License or Registration?

The set license period for Mississippi Money Transmitters is April 1st to March 31st and is not pro-rated for application made during the license period.

The minimum requirements for the license are as follows;

  1. Payment of investigation fee and initial license fee including applicable fee for additional locations
  2. Submit Financial Statement showing net worth of at least $25,000 plus $15,000 for each additional location; max required net worth is $250,000
  3. Furnish a Surety Bond in the bond amount of $25,000 or in an amount equal to outstanding money transmissions in Mississippi, whichever is greater, but in no event shall the bond exceed $500,000. In lieu of a corporate Surety Bond, the state will accept proof of a government bond or Certificate od Deposit equal to required amount
  4. Register with the Mississippi Secretary of State
  5. Provide list of locations and sample of instruments sold
  6. MSB FinCEN registration
  7. Submit certificate of good standing from state originally incorporated
  8. If a corporation, provide copy of Articles of Incorporation (with amendments). If LLC, provide Articles of Organization and Operating Agreement
  9. Secure and submit fingerprint cards as directed by the Department of Banking and Consumer Finance 

List of Mississippi surety bonds.

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