Nevada Money Transmitter License Bond

Nevada Money Transmitter License Bond

Money Transmitters in Nevada must purchase a Money Transmitter License Bond in amounts between $10,000 and $250,000 to be eligible for licensure. Nevada money transmitters are subject to regulations at both the federal level by the U.S. Treasury Financial Crimes Network (FinCEN) and the state level by the Nevada Financial Institutions Division (FID). The bond provided by Jet Insurance Company gives financial assurance to the Nevada FID that money transmitters will follow Nevada license law as defined by Nevada Revised Statutes Chapter 671.

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Jet’s research team took a deep dive into the money transmitter regulations in Nevada. Our efforts translate to a streamlined application, purchase, and filing process so money transmitters can get back to business. Sign up with Jet and get all your surety bond needs, in all states, under one simple account.

How is the Nevada Money Transmitter Bond Amount Determined?

The Nevada State Legislature set the bond amount for Nevada Money Transmitter License Bonds as follows:

A branch location is a retail location that offers money transmitter services. This can also include kiosks in locations not owned by the money transmitter, like a Department of Motor Vehicles or a jail.

What Is the Lowest Price for the Nevada Money Transmitter License Bond?

Jet’s price for the $10,000 Nevada Money Transmitter Bond is as low as $10 monthly or $100 a year if paid upfront. Rates are based on the personal credit of the owner and experience. Below are examples of Jet’s preferred tier pricing up to 3 locations:

Number of LocationsBond AmountMonthlyAnnual
1$10,000$10$100
8$50,000$20$200
18$100,000$40$400
Nevada Money Transmitter Bond Cost

Jet’s unique monthly subscription lets you pay monthly for as long as you need the bond. If you want to cancel the bond, just let us know and we’ll stop your payments.

What Is the Purpose of the Nevada Money Transmitter License Bond?

Nevada requires money transmitters to purchase a bond to protect the public from violations of license law. The bond acts as financial security to reimburse the state for unpaid fees or fines and the public if money transmitters do not process money transmissions in accordance with the law. Jet, as the surety company, gives the State of Nevada the assurance they need to allow organizations to provide valuable money transmitters services and keep the public safe.

In order to obtain or renew a license, a Nevada Money Transmitter License Bond must be filed with the Nevada FID and remain active as long as the money transmitter is in business.

How to Apply for the Nevada Money Transmitter License Bond With Jet

Jet’s application is 100% online and fast. We just ask for business information and ownership details. The app will check your credit, but the credit check will not affect your credit in any way. You’ll receive a quote with a monthly subscription option or a pay upfront price. Just provide a credit card to checkout and you’re back to business.

What Happens After I Purchase the Bond?

Nevada Financial Institutions Division requires all surety bonds to be filed electronically through the Nationwide Multistate Licensing System (NMLS).

You’ll have to grant Jet Insurance Company (NAIC# 16379) as your surety provider to begin. Once Jet receives authorization, we file the bond for you, and you will be prompted via email to sign the bond with the NMLS. The NMLS process is detailed in the graphic below. More information can be found on the NMLS Electronic Surety Bond webpage.

NMLS Bond Filing Process
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What Happens if I Need to Cancel My Money Transmitter Bond?

Jet makes cancelling your bond easy. Just give us a call or send us an email and we will cancel your bond and return any unused portion of your premium payment to you. If you are a monthly subscriber, we’ll simply stop drawing your payments after the bond is cancelled. No need to dig through the fine print, we don’t charge for cancellations! 

The only stipulation comes from our friends at the state government. The Nevada FID requires that we provide a 30-day notice before your bond cancellation takes effect. As a result, your payment may continue for up to 30 days to cover this timeframe. If you decide later that you need to reactivate your bond, we can get you back up and running in no time.

How to Renew the Nevada Money Transmitter License Bond

Money transmitters need to renew their license each year with the FID by April 30th. The renewal process includes filing an annual report by April 15th. The good news? With Jet, your bond will never expire as long as you pay your monthly subscription. If you decide to pay for your bond upfront, we’ll email you and mail you a bill with plenty of time to renew your bond. As long as you keep your bond active with Jet, you do not need to file anything additional with the state at license renewal.

How Do Nevada Money Transmitters Avoid Bond Claims?

Most claims for Nevada Money Transmitters come as a consequence of the annual audit requirements from the state. Each year, applicants must submit an audited financial statement to the Nevada Financial Institutions Division which is reviewed by the state’s CPA and Attorney General. 

The fees for the CPA review and Attorney General must be paid in the 2nd quarter of each year. Unpaid fees are the most common reason the Commissioner will file a claim against the bond. In short, make sure to pay your annual audit fees to avoid most claims.

Money transmitters may also be subject to claims from customers. The claimant can submit claims directly to Jet for review or can file a civil claim in a court of law. Money transmitters who follow the regulations defined by NRS Chapter 671 will avoid most claims, or at least have a defense against frivolous claims.

If the Commissioner takes action against your money transmitter license (such as a suspension or revocation), you can request a hearing to defend against the action.

What Happens if I Get a Nevada Money Transmitter Bond Claim?

Jet defends you if you ever receive a claim against your bond. As your surety company, our role is to investigate claims to determine if they are valid and pay claims to aggrieved parties. Not all claims are alike, and our approach and ability to defend the claim will depend primarily on who is submitting the claim.

For Nevada money transmitters, most problems arise due to unpaid CPA and Attorney General fees due from money transmitters each year. The state will assess fees as part of the license renewal process to have your business financials and records audited. Failure to pay these fees can result in a claim against the bond. The Commissioner of the Financial Institutions Division has the authority to demand payment from the Surety (Jet) within 30 days. For these types of claims, it is in the best interest of the money transmitter to pay the state the fees due before we have to step in. 

For claims received from the public, Jet is your advocate and will reach out to you for details to help you mount a defense. We will work with you to resolve any issues before we have to make a payment.

Do Nevada Money Transmitters Need Any Other Bonds?

While Nevada does not require any other bonds for Money Transmitters, businesses that operate in other states may need similar bonds in other states. Below is a small list of Money Transmitter bonds offered by Jet:

Nevada Money Transmitter License 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: