Florida Money Services Business Surety Bond
Money Services Businesses that are operating in the State of Florida are required to be licensed accordingly and to post and maintain a Money Services Business Surety Bond in an amount between $50,000.00 and $2,000,000.00. This license category is segregated into two categories, Money Transmitters or Payment Instrument Issuers (Part II) and Check Cashers or Foreign Currency Exchangers (Part III).
- A Money Transmitter license authorizes the licensee to transmit currency, monetary value, or payment instruments, either by wire, facsimile, electronic transfer, courier, the Internet, or through bill payment services or other businesses that facilitate such transfer, within this country or to or from locations outside this country.
- A Check Casher license authorizes the licensee to sell currency in exchange for payment instruments received, except for traveler's checks and foreign-drawn payment instrumentation.
Applicants will need to use the OFR-560-07 - Security Device Calculation Form to determine the bond amount needed based on their sales or projected sales. Additional licensing information can be obtained by visiting FL Office of Financial Regulation - Money Transmitters website
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