Illinois Money Transmitter Bond
Bond Range and Estimated Premiums
| Bond Amount Range | Estimated Premium (1.5%- 3%) | Source |
| $100,000- $500,000 | $1,000- $5,000 | NMLS |
Businesses engaging in regulating money transmission in Illinois generally must obtain the applicable liccense unless an exemption applies. The surety bond supports compliance with Illinois's Uniform Money Transmission Modernization Act and provides security for covered money transmission obligations.
Cost of the Illinois Money Transmitter Bond
The annual premium for an Illinois Money Transmitter Bond is estimated at 1.5%–3% of the required bond amount. With bond amounts ranging from $100,000 to $500,000, estimated annual premiums range from approximately $1,000 to $5,000. Complete the quote form to begin the required bonding process.
How the Illinois Money Transmitter Bond Works
The Illinois Money Transmitter Bond runs to the State of Illinois for the benefit of claimants against the applicant or licensee concerning the receipt, handling, transmission, and payment of money in connection with licensed operations. The required amount is based on Illinois money transmission liability, subject to the statutory minimum and maximum.
Principal: Illinois money transmitter applicant/licensee
Obligee: State of Illinois
Surety: Authorized surety company
Learn more about the surety bond claim process.
How to Get the Illinois Money Transmitter Bond
1. Determine the required bond amount under the Illinois statutory calculation.
2. Complete the quote form to begin the required bonding process.
3. Pay the applicable bond premium.
4. File and maintain the required electronic surety bond in NMLS.
5. Maintain the required bond coverage while licensed.
Learn more about Illinois surety bond options available through NNA Surety.
Get Your Illinois Money Transmitter Bond
For assistance with your Illinois Money Transmitter Bond, call 855-215-2160 to speak with NNA Surety.