Arkansas Money Transmitter Bond

All entities that want to operate as money transmitters in Arkansas need to get a license from the state Securities Department.

You have to provide a surety bond in a minimum amount of $50,000 to a maximum of $300,000. It should be filed in the official bond form. Your bond ensures your compliance with the Arizona Uniform Money Services Act.

The bond amount that you have to post as an Arkansas money transmitter is between $50,000 and $300,000. The minimum amount is $50,000, but you have to post $10,000 for each additional location. The bond premium that you have to pay, though, is only a small percentage of this amount. It is typically about 1%-5% for applicants with stable finances.

How exactly is your surety bond cost formulated? When you apply with a surety, it needs to take a close look at your personal and business finances.

First and foremost, it considers your personal credit score, followed by your company financials and assets and liquidity you may have.

If the bond amount is larger, a review of your audited business finances may be needed. On the basis of these factors, the surety assesses the level of bonding risk that you present. The smaller it is, the less you’re likely to pay for your bond.

With Lance Surety Bonds you may be able to get the bond you need even if your finances are not perfect. If you are struggling with a low credit score, tax liens, bankruptcies, or civil judgements, our Bad Credit Surety Bonds program may be just for you.

For money transmitter bonds in larger amounts, strong finances are still an important factor, so the approval will depend on the particular case.

The bad credit bond rates are around 5% to 10% since the bonding risk is higher. Due to our close collaboration with numerous A-rated, T-listed surety companies, we are still able to find a top bonding option for your particular circumstances.

Would you like to learn more details about the way bonding works? You can consult our extensive guide on the How to Get Bonded page.

Lance Surety Bonds’ experts are here to help. Just reach us at (877) 514-5146 for any questions you may have.

The goal of your Arkansas money transmitter bond is to protect your customers and the state against potential illegal activities you may engage in. Thus, a surety bond claim can be brought against you if a party suffers damages as a result of your actions.

The claimants can demand a compensation of up to the penal sum of your bond. In the case of Arkansas, this can be between $50,000 and $300,000, depending on the amount that you posted. It is your responsibility to cover the costs, even though the surety may pay them at first.

This makes bond claims a serious financial threat that you should avoid. They can hurt your business financially and in terms of reputation.