California Check Sellers, Bill Payers and Proraters Bond
Bond Requirements & Set Rates
| Bond Amount Required | Annual Premium |
| Varies | Varies |
Businesses and individuals licensed to provide check cashing, bill payment, or prorated payment services in California must secure a surety bond. Required by the California Department of Financial Protection and Innovation (DFPI), the California check sellers, bill payers, and proraters bond protects consumer funds during money transmission.
Cost of a California Check Sellers, Bill Payers, and Proraters Bond
The cost of a check sellers, bill payers, and proraters bond in California is a small percentage of the bound amount.
How the California Check Sellers, Bill Payers, and Proraters Bond Works
This California surety bond is a three-party agreement that includes:
- Principal: Licensed check seller, bill payer, or prorater
- Obligee: California Department of Financial Protection and Innovation
- Surety: Bonding company
The bond guarantees compliance with the California Financial Code and DFPI regulations. If a licensee mishandles client funds, engages in deceptive practices, or fails to make required payments, an affected consumer or the state may file a claim.
If the claim is validated, the surety may compensate the harmed party up to the bond amount, and the licensee must reimburse the surety.
How to Get a Check Sellers, Bill Payers, and Proraters Bond
Applying for this bond is fast and straightforward. Complete this application with your details and provide payment information. You’ll receive your bond form via email, which you can then download to file with the DFPI.
Get Your California Check Sellers, Bill Payers, and Proraters Bond Today
Stay compliant with California financial regulations and protect your customers’ trust. Our streamlined application process helps you secure the correct bond amount quickly and affordably. Complete our form or call 855-563-1401 to get bonded today.