Florida Money Transmitter Bond

Florida Money Transmitter Bond

Businesses that perform currency exchange or money transmission services within the State of Florida must be licensed with the Department of Financial Services, and are required to obtain a Money Services Business Surety Bond (otherwise referred to as a Money Transmitter Bond).

APPLY FOR YOUR BOND

Jet Insurance Company provides the Money Transmitter Bond as a financial guarantee to the Department and State residents that restitution is available should the money services business fail to uphold their license regulations or contractual obligations. 

How Is the Florida Money Services Business Bond Limit Determined? What Is the Cost?

The amount of the Money Transmitter Bond is determined by the Florida Department of Financial Services; possible bond limits range from $50,000 to $2,000,000. Typically, bond limits are based on the estimated cash flow of a money services business within the previous or upcoming year. 

Like all surety companies, Jet’s prices depend on the bond limit, the applicant’s credit, and the financial status of the business (occasionally). However, the price you pay will only be a small percentage of the bond limit. 

Once you submit your completed application to Jet, an underwriter will conduct a quick review of your information. Approved rates for monthly, annual, and multi-year bond terms will then be sent to your email; you’ll be able to purchase immediately. Simply choose what works best for you and your business!

Why Is the Money Transmitter Bond Required for Florida Money Services Business?

The Florida Department of Financial Services defines a “money services business” as any person who acts as a foreign currency exchanger, check cashier, or money transmitter (most common title). Tasks include transmitting currency or payment instruments by wire, electronic transfer, courier, bill payment services, etc. within Florida and/or to outside states or countries. 

Due to the high level of responsibility that comes with such a position, the Department regulates money transmitters and payment instrument sellers by requiring a license and surety bond. The Money Transmitter Bond is required to ensure that money services businesses will follow the regulation of their license, and if they commit a violation that causes financial harm, the bond may be used as a reimbursement for losses incurred by the damaged party.

How to Apply for the Money Transmitter Bond With Jet

Jet’s online application process was built to be quick and easy for our customers. To begin, the Money Transmitter Bond application will ask you for some general information such as your contact details, the bond limit required, and your social security number for a soft credit check (your current score won’t be affected).

Once submitted, a Jet underwriter will review the details of your application. If further info is needed, we’ll give you a call right away. Otherwise, you’ll receive approved rate options via email that are ready for immediate purchase. Just fulfill payment and receive a copy of your receipt and bond form instantly.

How Is the Bond Filed With the Florida Department of Financial Services?

Jet can file your bond form for you at no extra cost! However, if you would prefer to file the surety bond yourself, the option to do so may be selected during our checkout process. 

The original signed and sealed Money Transmitter Bond must be submitted to the Florida Department of Financial Services, Division of Consumer Finance at the following mailing address:

Florida Department of Financial Services
Division of Consumer Finance
200 East Gaines Street
Tallahassee, FL 32399

As for applying for a money transmitter license, the Department asks that applicants use their Online Service Portal. Once you have created a profile, you’ll then be able to submit an application for licensure. 

When Does the Money Transmitter Bond Obligation End?

You must maintain your Money Transmitter Bond for the entire duration of your business. Once your business ceases operation, the Florida Department of Financial Services will require that you maintain your surety bond for an additional five years following the official expiration of your license. 

However, if you’d like, you may substitute a letter of credit in place of your bond at the time of your license expiring. The Department will then hold onto this alternative form of financial security for the required five-year period. 

If you need to cancel your Money Transmitter Bond at any time, we have provided details on how our process works at the bottom of the page.

Want to Know More About Money Transmitter Bond Processes? See Our Articles Below.

How to Renew My Bond

Jet’s process is efficient and hassle-free for businesses. Read how to renew the bond.

How to Cancel My Bond

Read more how to cancel your bond with Jet Insurance Company at any time.

Bond Claim Process

Bond claims are rare but, can happen to anyone. Read Jet’s take on Money Transmitter Bond claims and our process for handling them.

Credit Service Organization Bond Example

Florida Money Transmitter Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: