Delaware Money Transmitter Bond

Obtaining a Delaware money transmitter license is a prerequisite for working in the state as a transmitter. The licensing authority is the Delaware Office of the State Bank Commissioner. It imposes a surety bond requirement on all applicants, which guarantees they will adhere to the Delaware Code, Title 5, Chapter 23.

The bond amount is $25,000 for a single location, and another $5,000 is required for each additional location. The maximum bond amount cannot exceed $250,000.

The surety bond cost that you have to pay to get bonded is based on the required bond amount. The amount is set by the licensing authorities and is between $25,000 and $250,000, depending on the number of locations that you want to operate. Your bond premium is set as a percentage of this amount.

The exact price that you have to pay is determined after an assessment of your personal and business finances. Your surety needs to examine your personal credit score as the primary indicator for the strength of your application. It may also need to review your audited business financials, personal financial statements, and cash on hand. The stronger your overall profile is, the lower your bond price is likely to be.

The decision on your bonding application will depend on the strength of your finances. If you have a low credit score, it is more difficult and in some cases, not even possible to obtain a Delaware money transmitter bond. You will need to demonstrate a certain level of financial stability so that the surety can feel comfortable to extend the bond backing to you.

In order to start your bonding process as a money transmitter in Delaware, simply fill out our online application form (it takes 5min). Whenever you have submitted all the required information, we will be able to provide you with a free quote. Then you can purchase the bond online, and you will receive a digital and a hard copy of your bond.

Interested in learning more about how bonding works? You can delve into the details in our How to Get Bonded page.

For any questions you may have, you can consult our bonding experts. Just call us at (877) 514-5146.

The purpose of your money transmitter bond is to safeguard the interests of your customers, and not your business. Thus, if you transgress from your legal obligations, such as violating the Delaware Sale of Checks Act or misleading your customers, you can end up with a claim against your bond.

If the claim is proven, you are liable to provide compensation to the harmed parties. The maximum penal sum is the bond amount that you have posted. At first, your surety may cover the costs, but you will have to reimburse it fully afterwards. Thus, it is best to avoid causes that can lead to claims, as they can significantly harm your business.