Missouri Money Transmitter Bond

The cost of a Missouri money transmitter bond ranges from $1,000 to $100,000. The state requires those involved in money transmission activities to have a surety bond amount of $100,000 up to $1 million.

For new applications, the bond amount is $100,000. The bond amount required for renewals ranges between $100,000 and $1 million, based on business activities and previous year’s transmissions. 

The specific rate that you qualify for is determined when you apply. It’s calculated as a percentage of the bond amount and it’s based on your credit score, financial strength and professional credentials. We bond more than 99% of our applicants and work with most credit scores. With a credit score greater than 700, your rate will fall between 1% and 3%.

The table below gives you a ballpark estimate of how much you can expect to pay for your surety bond.

1. Apply For Your Bond

To get your Missouri money transmitter bond, the first step is to apply online. The application is brief, and many of our applicants can submit the bond within a few minutes. If you have questions about the application form or our process, our bond experts are available to help.

2. Get a Quote

After submitting your surety bond application online, you will receive an immediate quote from us. Some applications are more complex and require more extensive review. In these cases, a quote is available within 48 hours.

When Sandra needed a money transmitter bond, she contacted us. Within minutes, she submitted her application and had a competitive quote from us. Sandra was ready to start working as a money transmitter soon, so she was happy to make the premium payment online and get her bond via email.

3. Purchase Your Bond

To complete our fast process, make your premium payment online. Once your payment is received, we will prepare your bond and email it straight to you. If you need a mailed copy as well, please let us know.

If you have questions while reviewing your Missouri money transmitter bond or need help with our straightforward process, our bond experts are ready to assist you. Reach us online today or contact us by phone at (877) 514-5146.

The Missouri Division of Finance is responsible for monitoring compliance with the state’s money transmitter bond requirements per state law. Senate Bill No. 1359 went into effect in August 2024. The law includes the Money Transmission Modernization Act of 2024.

The bill mandates licensing for anyone engaged in money transmission activities as a business. These business activities include:

• Providing payroll processing services
• Issuing or selling payment instruments like money orders, traveler’s checks and others to anyone in Missouri
• Issuing or selling stored value cards to anyone in Missouri
•  Receiving funds for electronic transmissions from anyone in Missouri

Senate Bill No. 1359 also establishes the Consumer Finance Disclosure Law. Under this law, a person making more than five transactions in a calendar year is a provider and must properly disclose activities to the state.

The Sale of Checks Law details the licensing requirements for money transmitter license requirements. When applying for a license or renewal, the applicant must submit a signed surety bond form in the amount of $100,000 to $1 million, based on the following requirements:

The bond form indicates the obligee is the State of Missouri. The bond must be renewed annually by April 15. It may be canceled at any time by the surety. To cancel the bond, the surety must provide a 60-day written notice to the Director of Finance of the State of Missouri.

Applications for a money transmitter license are accepted through the NMLS, or the Nationwide Mortgage Licensing System. To apply for a license, the applicant must provide:
 

• $400 application fee
• $100 licensing fee
• Surety bond
• Identification information
• Financial statements with CPA-certified audit
• FinCEN registration
•  Flow of funds chart
• Business entity management and organization charts
• List of all Missouri business outlets
• Proof of solvency

Use our guide to learn more about money transmitter license requirements. For additional information about the state’s bond requirements, contact:

Missouri Division of Finance
Truman State Office Building, Room 630
Jefferson City, MO 65102
(573)751-3242