New Jersey Money Transmitter Bond
Bond Range and Estimated Premiums
| Bond Amount Range | Estimated Premium (1.5%- 3%) | Source |
| $25,000- $10,000 | $250- $10,000 | State of New Jersey |
Businesses licensed as money transmitters in New Jersey must maintain the required surety bond or other permitted security. The required coverage depends on annual New Jersey business volume. The bond runs to the State of New Jersey for the benefit of persons injured by covered violatins of the New Jersey Money Transmitters Act.
Cost of the New Jersey Money Transmitter Bond
The cost of a New Jersey money transmitter bond varies based on the required bond amount and underwriting. NNA Surety currently provides an estimated premium range of approximately 1.5%-3% of the bond amount. Contact NNA Surety for an applicant-specific quote.
How the New Jersey Money Transmitter Bond Works
The New Jersey money transmitter bond helps protect consumers by guaranteeing the licensee’s faithful performance of covered obligations involving the receipt, handling, transmission and payment of money.
The bond involves three parties:
Principal: Licensed money transmitter
Obligee: State of New Jersey
Surety: Bonding company
A claim may arise from covered wrongful acts, defaults, omissions, fraud or misrepresentation by the licensee or covered representatives. The principal is generally responsible for reimbursing the surety for valid claims paid under the bond.
How to Get the New Jersey Money Transmitter Bond
Follow these general steps to secure the required bond:
1. Determine the required coverage based on applicable annual New Jersey business volume.
2. Complete the surety’s application and underwriting requirements.
3. Pay the quoted premium and receive the executed bond.
4. File the bond as required by the New Jersey Department of Banking and Insurance.
Get Your New Jersey Money Transmitter Bond
Meet your New Jersey licensing requirement with the bond amount applicable to your annual business volume. Contact NNA Surety for current underwriting and premium information.