Oregon Money Transmitter Bonds

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What is an Oregon Money Transmitter Bond?

Oregon businesses providing money transmission services such as electronic bill paying and wiring money within the U.S. and abroad must be licensed and furnish a surety bond to the Oregon Division of Financial Regulation. The surety bond is provided by Surety Bonds Direct and filed electronically with the Nationwide Multi-state Licensing System (NMLS) in the minimum amount/coverage of $25,000, plus $5,000 for each location that operates as a branch or agent of the company for Oregon transactions up to a maximum bond of $150,000.

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Money Transmitter Bond

Bonds $25,000 or more up to $150,000

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Money Transmitter Bonds And Getting Your Oregon Business License/Registration

Oregon Money transmitter license applicants must be prepared to provide the following items to the Oregon Division of Financial Regulation:

Copies of agreements and disclosures
Surety bond in the minimum coverage/amount of $25,000, plus $5,000 for each location branch location ($150,000 max)
Audited financial statements and most recent unaudited financial statements showing a net worth of at least $100,000 plus $25,000 for each location or authorized delegate
Outline of anti-money laundering compliance program.
Proof of current business registration with the Oregon Secretary of State
Criminal background check and credit check for each owner, partner, or manager of the business