Bond Range and Estimated Premiums

Bond Amount Range

Estimated Premium (1.5%- 3%)

Source

$100,000- $500,000

$1,500- $15,000

NMLS

Businesses engaged in money transmission in South Dakota generally must hold a license unless an exemption applies. Required by the State of South Dakota, the money transmitter bond helps secure the licensee's compliance with the state money transmission requirements and provides financial protection for covered obligations.

Cost of the South Dakota Money Transmitter Bond

The annual premium for a South Dakota 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 $1,500 to $15,000. Contact NNA Surety for a personalized quote based on your required bond amount and underwriting.

How the South Dakota Money Transmitter Bond Works

The South Dakota money transmitter bond provides financial protection by guaranteeing the licensed money transmitter will meet covered obligations related to money transmission.

The bond involves three parties:

Principal: Licensed money transmitter

Obligee: State of South Dakota

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 South Dakota 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. Download and file the bond as required for your South Dakota money transmission license.

Learn more about your South Dakota surety bond options across the state.

Get Your South Dakota Money Transmitter Bond

Stay compliant with South Dakota 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.