Washington D.C. Money Transmitter or Check Casher Bond
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How Much Do Washington D.C. Money Service Bonds Cost?
Washington D.C. money transmitter and cash checker license bonds cost a small percent of the bond amount, typically 1.5–5%. The required bond amounts start at $50,000 and increase by $10,000 for each additional location.
Your exact price will vary based on your credit score. These bonds are also eligible for premium financing plans. Apply now to get your free quote.
The D.C. money lender license bond requirement is $5,000 per operating location. Prices start as low as 1% and multi-year policies are eligible for a 25% discount.
We also issue bonds for mortgage brokers and lenders in D.C.
How Does a Washington D.C. Money Transmitter Bond Work?
A Washington D.C. money transmitter, check casher or money lender bond binds three parties in a legal contract:
- Principal: The money service business
- Surety: The provider issuing the bond to the principal
- Obligee: The Department of Insurance, Securities and Banking
If a bonded money service business breaks the contract terms, harmed parties can file a claim to recover damages. The surety company will pay out valid claims up to the full bond amount, which the business would need to reimburse.
How Do I Renew My Bond?
Washington D.C. money service bonds remain continuous until canceled. A SuretyBonds.com representative will contact you with renewal instructions and an invoice to keep your bond active before your term ends.
To cancel a bond, the principal or surety must send 30-day’s written notice to the obligee.
How Do I Get a Money Service Bond in Washington D.C.?
With SuretyBonds.com, you can get your Washington D.C. money transmitter or check casher bond in just four easy steps:
- Apply for your surety bond online
- Receive a free quote within one business day
- Sign your documents with DocuSign
- Checkout on our secure, online portal
That’s it! We’ll upload the bond directly to the NMLS on your behalf and email you a copy for your records.
What Is a Washington D.C. Money Transmitter Bond?
Washington D.C. money transmitters, check casher and money lender bonds are required by the Department of Insurance, Securities and Banking as part of the licensing process.
By posting this surety bond, money servicers promise to follow applicable industry laws and licensing regulations:
- Code of the District of Columbia Regulations: Chapter 10: Money Transmissions
- Code of the District of Columbia Regulations: Chapter 3: Check Cashers
- Code of the District of Columbia Regulations: Chapter 9: Money Lenders
How to Become a Licensed Money Servicer in Washington D.C.
Money lender, transmitter and check casher licensees in Washington D.C. must apply with the Department of Insurance, Securities, and Banking. Use the NMLS checklists below to complete all the requirements for the license you need:
- NMLS: D.C. Money Transmitter License Application Checklist
- NMLS: D.C. Check Casher License Application Checklist
- NMLS: D.C. Money Lender Company License Application Checklist
Take the first step by applying for your surety bond today!
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