Michigan Money Transmitter Bond
Bond Range and Estimated Premiums
| Bond Amount Range | Estimated Premium (1.5%- 3%) | Source |
| $500,000- $1,000,000 | $5,000- $10,000 | DIFS |
Michigan businesses that provide regulated money transmission services generally must obtain a license through the Michigan Department of Insurance and Financial Services unless an exemption applies. The required surety bond supports the licensee's obligations under the Michigan Money Transmission Services Act.
Cost of the Michigan Money Transmitter Bond
The annual premium for a Michigan Money Transmitter Bond is estimated at 1.5%–3% of the required bond amount. With bond amounts ranging from $500,000 to $1,000,000, estimated annual premiums range from approximately $5,000 to $10,000. Complete the quote form to begin the required bonding process.
How the Michigan Money Transmitter Bond Works
The bond is payable to the Michigan DIFS Director for the benefit of Michigan residents who are creditors or claimants of the applicant and its authorized delegates through covered payment-instrument transactions. It secures faithful performance of covered obligations involving receipt of money in connection with the licensee's money transmission services business.
Principal: Michigan money transmitter applicant/licensee
Obligee: Michigan Department of Insurance and Financial Services / Director
Surety: Bonding or insurance company authorized to do business in Michigan
Learn more about the surety bond claim process.
How to Get the Michigan Money Transmitter Bond
1. Determine the required bond amount based on the number of Michigan locations and authorized delegates.
2. Complete the quote form to begin the required bonding process.
3. Pay the applicable bond premium.
4. Submit the required Electronic Surety Bond through NMLS as part of the Michigan money transmitter licensing process.
5. Maintain the required bond coverage while licensed.
Learn more about Michigan surety bond options available through NNA Surety.
Get Your Michigan Money Transmitter Bond
For assistance with your Michigan Money Transmitter Bond, call 855-215-2160 to speak with NNA Surety.