Nebraska Money Transmitter Bonds
What is a Nebraska Money Transmitter Bond?
A Money Transmitter Bond is a type of surety bond required of those who have applied to the Director of the Nebraska Department of Banking and Finance for a Money Transmitter License in accordance with the Nebraska Money Transmitter Act, Neb. Rev. Stat. Sections 8-2701 to 8-2748. The surety bond is written on the Nebraska Money Transmitter Act Bond Form and the penal sum of the surety bond varies and is set by the Director for each licensee. The Money Transmitter Bond ensures compliance with the provisions of the Act, and all related rules and regulations. The bonded principal must satisfy all losses or damages suffered by the State of Nebraska or any person dealing with the bonded principal who sustains damages as a result of violations of the provisions of the Act or a rule or regulation. The Director, or any person suffering a loss or damage may bring an action against the surety bond for reimbursement of damages.