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.
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.
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.
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:
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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.
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.
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.
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.
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.
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.
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.
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.
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: