Tennessee Money Transmitter Bonds
What is a Tennessee Money Transmitter Bond?
A Money Transmitter Bond is a type of surety bond required for those making application to the Commissioner of Financial Institutions of the State of Tennessee. The surety bond is issued for the use and benefit of the State of Tennessee and any creditor for the purposes of covering any liability incurred in the transmission, receipt, handling, or payment of money on any check, money order, draft, or other instrument used for the transmission or payment of money issued by the licensee or its agents as set forth in the provisions of Tennessee Code Annotated (T.C.A) § 45-7-201 et seq. The surety bond also ensures compliance with all provisions of state laws and all rules and regulations set forth by the Commissioner of Financial Institutions.