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Mississippi Money Transmitter Bonds

What is a Mississippi Money Transmitter Bond?

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.

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Money Transmitter Bonds And Getting Your Mississippi Business License/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

Additional Mississippi Money Transmitter Bond Resources & Links

Mississippi Department of Banking and Consumer Finance Money Transmitters

Department of Banking and Consumer Finance
P.O. Box 12129
Jackson, MS 39236-2129