Wyoming Money Transmitter Bond
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How much does a money transmitter bond cost in Wyoming?
The Wyoming Division of Banking requires money transmitters in the state to post a surety bond as part of their licensing requirements. The bond coverage amount must be at least $10,000 and no more than $500,000, as determined by the Commissioner. Applicants should verify their bond amount with the state before requesting their bond quote.
The cost of these bonds is determined by several variables, including a review of your financials. Don’t worry if your credit is less than stellar -- call us at 1 (800) 308-4358 to let a surety bond professional answer all of your questions.
SuretyBonds.com wants to get you the best quote for your bond. Get started by filling out our online bond form today.
Why do I need this bond?
Money transmitter bonds ensure that principals (money transmitter professionals) comply with the Money Transmitter Act in Title 40, Chapter 22 of the Wyoming Statutes. Violations include:
- Net worth becoming inadequate or the licensee becomes insolvent
- Licensee refuses to permit commissioner to conduct permitted investigations
- Licensee conducts business in an unsafe or unsound manner
In the event that the principal violates the terms of the act, claims can be filed against the surety bond. The bond will pay out for damages up to the full amount of its coverage, and the principal must reimburse the bond for any paid claims.
What’s the fine print?
This bond will remain in effect until cancellation. It can be canceled with 30 days’ written notice to the Commissioner of Banking for the state of Wyoming.
How to become a money transmitter in Wyoming
Money transmitters in Wyoming must obtain a license before they conduct business in the state. Some of the licensing requirements include:
- $1,500 non-refundable application fee
- Net worth of at least $25,000
A complete list of licensing requirements can be found in the Additional Resources section under the Nationwide Mortgage Licensing System & Registry (NMLS) requirements.
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