What is the Arizona Money Transmitter Bond?
The Arizona Money Transmitter Bond is required by the Arizona Superintendent of Financial Institutions under A.R.S. Title 6, Chapter 12, Article 1. This bond ensures that money transmitter companies pay all damages that are a direct result of a wrongful act, default, or fraud from the actions of either the licensee or the employee. The bond can amount vary. This amount is generally based on the number of authorized delegates and locations a licensee possess.
|Number of Authorized Delegates & Locations||Bond Amount|
|0 – 5||$25,000|
|6 – 20||$100,000|
|21 – 200||$100,000 + $5,000.00 for each delegate or location. Max of $250,000|
|201+||201+ $250,000 + $5,000.00 for each delegate or location. Max of $500,000|
What are the other requirements to be a Money Transmitter in Arizona?
- Payment of $1,500 for the application fee
- FBI criminal background check
- Payment of the license registration fee – the amount will depend on the month the license was issued
- Submission of Company Form
- Financial statements
- Authorized agents locations
- Control person attestation
- Credit report
- Certificate of Good Standing
- Surety bond
How do I obtain an Arizona Money Transmitter Bond?
Surety Solutions Insurance Services Inc was established in 2003. Although our headquarters are located in California, we are actually licensed in all 50 states. We have also partnered with several surety markets to ensure that we would only offer the best rates for all our clients. Our application processing time is also very fast, with some applications taking just a business day to get approved!
If you wish to get this surety bond from us, please fill out and submit an online application form. You will then be contacted by our licensed agents who will give a no-obligation quote for your bond. If you find the price to your satisfaction, just pay the said amount and sign all the paperwork. We will then send the surety bond through USPS Priority Mail or overnight delivery. With an A+ rating from the Better Business Bureau, you can only expect the best service from us here at Surety1.