Minnesota 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 Minnesota generally must hold the applicable license unless an exemption applies. The money transmitter bond helps secure the licensee's compliance with Minnesota money transmission requirements and provides financial protection for covered obligations.
Cost of the Minnesota Money Transmitter Bond
The annual premium for a Minnesota 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 Minnesota Money Transmitter Bond Works
The Minnesota money transmitter bond provides financial protection by guaranteeing that the licensed money transmitter will meet covered obligations and comply with applicable state money transmission requirements.
The bond involves three parties:
Principal: Licensed money transmitter
Obligee: State of Minnesota
Surety: Bonding company
A claim against the bond may be filed for covered obligations involving the licensee. The principal is responsible for reimbursing the surety for valid covered claims paid under the bond.
How to Get the Minnesota Money Transmitter Bond
Follow these simple steps to get bonded with NNA Surety:
1. Complete the bond application.
2. Pay the applicable bond premium.
3. Receive the bond form via email.
4. File the bond as required for your Minnesota money transmitter license.
Learn more about your Minnesota surety bond options across the state.
Get Your Minnesota Money Transmitter Bond
Stay compliant with Minnesota licensing requirements by securing the required money transmitter bond. Call 855-457-2196 to speak with NNA Surety about the required bond amount and current premium.