What Is a Wisconsin Money Transmitter Bond?
A Wisconsin money transmitter bond, formerly known as a seller of checks bond, is a type of surety bond required for money transmitter licensing in Wisconsin. The bond contract protects consumers from financial loss if a money transmitter mishandles funds or otherwise breaks licensing laws.
How Much Do Wisconsin Money Transmitter Bonds Cost?
Your Wisconsin money transmitter bond amount must be the greater of $100,000 or an amount equal to 100% of the average daily money transmission liability in Wisconsin for the most recent quarter, up to $500,000.
Premium rates start as low as 2%, meaning you could pay just $2,000 for a $100,000 bond. Request your free quote now!
You may be eligible to save 25% on subsequent terms by selecting a multi-year term.
How Does a Wisconsin Money Transmitter Bond Work?
These surety bonds guarantee that money transmitters conduct business in compliance with Title 28 Chapter 4 of the Wisconsin Code and all other applicable laws.
If fraudulent activity occurs as a result of the principal’s malpractice, consumers are protected from financial harm by the bond policy. Acts of malpractice and causes for license suspension include the following:
- Willfully violating Wisconsin Act 267 or any other state or federal law related to money transmission
- Obtaining the license for the benefit of, or on behalf of, a person who does not qualify for it
- Knowingly making material misrepresentations to or concealing material information from the Wisconsin DFI
If malpractice occurs, harmed consumers can file bond claims for reimbursement up to the full bond amount. The surety will validate and repay claims then seek reimbursement from the bonded money transmitter.
Who Needs a Money Transmitter Bond?
As of 1/1/25, Chapter 217 of the Wisconsin Statutes have been replaced with the Wisconsin version of the Money Transmission Modernization Act. If you perform any of the following activities with Wisconsin residents, you are considered a money transmitter and must be licensed with the DFI:
- Selling or issuing payment instruments
- Selling or issuing stored value
- Receiving money for transmission
This license was formerly known as a Seller of Checks License. If you need a check seller/casher bond, visit our Check Casher Bond Guide.
How Do I Get a Money Transmitter Bond in Wisconsin?
Start by submitting a quick online application. If all your information is provided correctly, we’ll provide your quote and digital invoice within one business day or less. Get started by submitting your quote request now.
Once you pay your bond premium and sign your indemnity agreement via DocuSign, we’ll upload the official bond directly to the Nationwide Mortgage Licensing System (NMLS) on your behalf.
How Fast Can I Get My Bond?
With SuretyBonds.com, you can get approved for your Wisconsin money transmitter bond as fast as today. We process most orders placed before 4 PM CST Mon–Fri same-day.
How to Become a Money Transmitter in Wisconsin
To become a licensed money transmitter in Wisconsin, you’ll need to complete the application form and upload the following documents through the NMLS:
- Audited financial statements proving a net worth of $100,000+
- Uniform Authorized Agent Reporting Form
- Company Form (MU1)
- Individual Form (MU2) and Control Person Attestations
- Money transmitter surety bond in the required amount
- AML/BSA policy for most recent independent review
- Statement describing previous and expected business activities
- Business plan
- Certificate of Good Standing
- Flow of funds diagram and description
- Company formation documents
- Management chart and organizational chart
- List of the company’s permissible investments, including the current book or market value
Take the first step toward becoming licensed in Wisconsin by applying for your money transmitter bond!
