The Commissioner of Banking and Insurance of New Jersey required that Money Transmitters furnish a surety bond when applying for or renewing a license under The New Jersey Money Transmitters Act (N.J.S.A. 17:15C-1 et seq.). The surety bond provides a limited guarantee to the state of New Jersey that the licensee will abide by the provisions of N.J.S.A. 17:15-1C et. seq., all applicable rules and regulations, commit no wrongful acts, defaults, omission, fraud or misrepresentation and perform all obligations honestly, fairly, equitably and efficiently when conducting Money Transmitter or Foreign Money Transmitter business in New Jersey pursuant to the provisions of N.J.S.A. 17:15-1C et. seq. This surety bond runs continuously until canceled by the surety company with thirty days advance written notice to the Commissioner of Banking and Insurance of New Jersey.
