What Is an Indiana Money Transmitter Bond?
A money transmitter bond is required for money transmitter licensing in Indiana. The surety bond contract protects consumers from financial loss if an Indiana money transmitter mishandles funds or otherwise breaks state licensing laws.
How Much Do Indiana Money Transmitter Bonds Cost?
Prices start at $6,000 for the $300,000 Indiana money transmitter bond. This bond is subject to underwriting, meaning the rate you pay is determined by your credit score. Request your free quote now!
Don’t worry about bad credit impacting your approval, we work with a nationwide network of surety providers to approve 99% of all applicants. Learn more about how credit impacts bond rates here.
How Does an Indiana Money Transmitter Bond Work?
These surety bonds guarantee that money transmitters conduct business in compliance with Title 28 Chapter 4 of the Indiana Code and all other laws applicable to the business of money transmission.
If you commit fraud or malpractice, the bond protects consumers from financial harm. Acts of malpractice include, but are not limited to, the following:
- Repeatedly and willfully violating Title 28 Chapter 4 or any other applicable law
- Obtaining the license for the benefit of a person who does not qualify for the license
- Knowingly making material misrepresentations to or concealing material information from the Indiana DFI
Any public entities or consumers harmed by these acts can file a claim on the bond for reimbursement up to the full bond amount.
Who Needs a Money Transmitter Bond?
The Indiana Department of Financial Institutions (DFI) requires money transmission professionals to file $300,000 surety bonds to legally work within the state. This includes any entity that engages in money transmission activities for persons located in Indiana under the Indiana Money Transmission Modernization Act of 2023, such as:
- Selling or issuing payment instruments
- Selling or issuing stored value
- Receiving money for transmission
How Do I Get a Money Transmitter Bond in Indiana?
Start by submitting a quick online application. If all your information is provided correctly, we’ll email your quote and digital invoice within one business day. Get started by requesting a quote now.
Once you pay your bond premium and e-sign your indemnity agreement, we’ll upload the bond directly to the Nationwide Mortgage Licensing System (NMLS) on your behalf. You’ll also receive an email copy for your records.
As of January 1, 2025, the Indiana DFI will accept electronic surety bonds (ESB) for new applicants and existing money transmitter licensees.
How Fast Can I Get My Bond?
With SuretyBonds.com, you can get approved for your Indiana money transmitter bond as soon as today. We process most orders placed before 4 PM CST Mon–Fri same-day.
How to Become a Money Transmitter in Indiana?
To become a licensed money transmitter in Indiana, you’ll need to provide the following information on your NMLS application:
- Your name and home address
- Business location address
- A description your history of operations, and the business activities in which you seek to be engaged in Indiana
Other license application requirements can be found below in the More Resources section. You’ll submit the application and upload all supporting materials online in NMLS. You’ll also need to submit a non-refundable $1,000 application fee.
After you apply, the DFI will conduct an investigation to verify that you meet all the eligibility criteria. Take the first step toward becoming licensed in Indiana by purchasing your money transmitter bond!
