Mississippi Money Transmitter Bond Overview
- Purpose: To ensure money transmitters uphold all state regulations
- Who Needs It: All money transmitter license applicants in Mississippi
- Regulating Body: The MS Department of Banking and Consumer Finance
- Bond Amount: $100,000–$500,000, based on average daily liability
- Minimum Price: $2,000 or 2%
What Is a Mississippi Money Transmitter Bond?
A Mississippi money transmitter bond is a type of financial guarantee that money transmitters will uphold state laws and regulations.
The surety bond protects consumers from fraud, deception, and false advertising — plus other prohibited acts.
Who Needs a Money Transmitter Bond?
Any individual or entity applying for a Mississippi money transmitter license needs a surety bond. The license authorizes the following activities:
- Bill paying
- Issuing drafts, prepaid access, stored value, money orders or traveler’s checks
- Selling drafts, prepaid access, stored value, money orders or traveler’s checks
- Electronic money transmitting
There are some exemptions to the license and bond requirements, such as registered financial and depository institutions and government agencies.
Note: We do not currently have any markets that issue this bond for crypto/virtual currency businesses.
Bond Coverage Requirements for Mississippi Money Transmitters
In 2025, Mississippi raised the minimum bond amount from $50,000 to $100,000. Your bond will be the greater of $100,000 or your average daily money transmission liability in the state for the most recent 3-month period, with a $500,000 cap.
How Much Do Money Transmitter Bonds Cost in Mississippi?
Money transmitter bonds typically cost 2–4% of the coverage amount for applicants with strong financials. For example, you could pay as low as $2,000–$4,000 for the minimum $100,000 bond.
Apply now to get your free, personalized quote.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Mississippi Money Transmitter Bond Work?
This type of surety bond creates a legal contract between three parties.
| Bond Party | Description |
|---|---|
| 1. Principal | The money transmitter business owner(s) |
| 2. Obligee | The Department of Banking and Consumer Finance |
| 3. Surety | The issuing surety provider |
As the principal, you promise to provide financial compensation if you fail to uphold your obligation to the state department.
If you break state regulations outlined in the bond contract, the surety will pay claims up to the bond’s penal sum. Then, you must refund the surety in full.
How Do I Get a Money Transmitter Bond?
It only takes a couple of minutes to apply for your Mississippi money transmitter bond. Follow these three steps:
- Verify your required bond coverage
- Complete the quote request form on this page
- Receive your personalized quote within one business day
- Checkout online at your convenience
How Do I File My Bond?
We’ll upload the electronic surety bond directly to NMLS on your behalf. You can find a copy for your records in NMLS or in our follow-up email.
How Do I Renew My Money Transmitter Bond?
After one year, you’ll need to pay your renewal invoice to extend the bond term. If your bond amount needs to be increased, contact SuretyBonds.com at 1(800) 308-4358 for assistance.
How Do I Update My Bond Form?
If your bond amount or basic information needs changed your existing bond form, we can likely issue an amendment document.
If you purchased your bond from us, please email [email protected] to get started with your update.
How to Get a Money Transmitter License in Mississippi
Before you apply through the NMLS, you’ll need to email a detailed business plan to the DBCF at [email protected].
If the plan is accepted, you’ll then move to NMLS to complete the application. You’ll need to provide in-depth information about your business and financials, including the following:
- MU1 and MU2 application forms
- $100,000 surety bond
- Audited financial statements
- AML/BSA policies
- FBI background checks and credit reports for all control persons
Please note that this is a complex process typically requiring several months for completion and approval.
How Much Does It Cost to Register as a Money Transmitter?
There is a $1,501 non-refundable Mississippi money transmitter license application fee in addition to the other fees outlined below.
| Fee Type | Amount |
|---|---|
| Application Fee | $1,501 |
| NMLS Processing Fee | $120 |
| Credit Check Fee | $36.25/direct owner |
| Surety Bond Premium* | $2,000+ |
*Surety bond premiums vary based on credit score and sometimes business financials.
