Maine Money Transmitter or Check Issuer Bond Overview
- Purpose: To ensure money transmitters uphold all state regulations
- Who Needs It: All money transmitters and check issuers in Maine
- Regulating Body: The Maine DPFR, Bureau of Consumer Credit Protection
- Bond Amount: $100,000
- Minimum Price: $1,000
What Is a Maine Money Transmitter Bond?
A Maine money transmitter or check issuer bond is a financial guarantee that licensed money transmitters will uphold state laws and regulations.
The Maine Bureau of Consumer Credit Protection requires this bond to protect consumers and the state if a money transmitter engages in the following prohibited practices:
- Using misleading advertising or sales practices
- Engaging in unfair, deceptive, or abusive acts
- Obtaining property dishonestly or as payment
- Publishing or sharing false information
- Making false or incomplete record entries or reports
Who Needs a Money Transmitter or Check Issuer Bond?
Any person or entity performing money transmissions for a fee in Maine needs a license and bond. The state defines money transmission as the following activities:
- Selling/issuing payment instruments to people in Maine
- Selling/issuing stored value to people in Maine
- Receiving money for transmission from a person in Maine
There are several exemptions under state legislature, including government departments, public agencies, and supervised financial organizations.
How Much Do Money Transmitter Bonds Cost in Maine?
The $100,000 money transmitter bond premium starts at a 1% rate — or $1,000. Applicants with good credit typically pay $1,000–$2,000.
However, exact pricing is personalized based on credit score. Apply now to get your free quote.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Maine Money Transmitter Bond Work?
A money transmitter bond joins three parties into a legally and financially-binding contract.
| Bond Party | Description |
|---|---|
| Principal | The money transmitter entity filing the bond |
| Obligee | The Maine DPFR requiring the bond |
| Surety | The surety provider issuing the bond |
As the principal, you are responsible for upholding your obligation to the DPFR (the obligee). That means following all Maine money transmission rules, regulations and laws. As a money transmitter, you are subject to examination and investigation of records.
If you are found guilty of breaking regulations, harmed parties can file bond claims, which the surety reimburses. However, you will then need to repay the surety.
How Do I Get a Money Transmitter Bond in Maine?
Start the bonding process by submitting the quote request form on this page. We’ll provide your no-obligation quote invoice within one business day or less.
Review and pay your premium online at your convenience. Once the transaction is processed, we’ll upload the electronic bond to NMLS and you will be officially “bonded”.
Note: We do not currently have any surety markets that issue these bonds for cryptocurrency ATM operators.
How Fast Can I Get My Bond?
You can get your money transmitter bond as quickly as same-day with SuretyBonds.com. If you qualify for the minimum rate, we can typically send you a quote invoice within hours.
If your credit is on the lower end, we’ll shop our markets to find the best rate. However, this may delay your quote delivery time to one business day.
How Do I File My Bond?
The Bureau switched to electronic surety bond filing through NMLS in 2025. So, you don’t have to file your Maine money transmitter bond. We’ll upload the electronic surety bond directly to NMLS on your behalf!
Can I Get Bonded With Bad Credit?
You may still be able to bond your money transmission business with poor credit. However, since these bonds are directly related to finances, poor credit may disqualify you.
Our surety experts will shop the top markets to find the best available rate for you. Apply now to see if you qualify for approval with low credit.
How Do I Renew My Money Transmitter Bond?
To renew your bond each year, just pay your renewal premium invoice when prompted. If you work with us, we’ll start notifying you 90 days prior to the expiration date to ensure you don’t have a lapse in coverage.
No additional documentation is needed, unless you need to make a change to the bond.
Can I Make Changes to My Bond Information?
If minor information has changed for your existing bond form, we can likely issue a bond rider. This is a document that “rides” on top of your existing bond to amend the original information.
Please email the information you need updated to [email protected] for assistance.
How to Get a Money Transmitter License in Maine
To become a Maine money transmitter, apply for a license online through the NMLS. The basic pre-requisites include the following:
- Proof of $100,000+ net worth
- $100,000 surety bond
- Credit check
- Criminal background check
If you meet these requirements, you’ll continue with the application process. You’ll complete forms, provide supporting documentation, and pay fees.
The state will process your application and conduct a financial investigation, which may include an on-site investigation. If you meet all the criteria, you’ll receive your license which will be valid until December 31 of the current year.
Submit your renewal report and fee before December 31 each year to maintain licensure.
