Maryland Money Transmitter License Surety Bond
If you intend to conduct the business of Money Transmission Services in the State of Maryland, you must apply for a Money Transmitter license with the MD Department of Labor, Licenseing and Regulation. As part of the licensing requirement, the licensee must post a surety bond in a minimum amount of $150,000, maximum amount of $1,000,000. The specific amount of the bond will be set by the commissioner depending on the financial condition of the applicant, the average outstanding amount of business, experience of the applicant and the potential loss to buyers and holders if the applicant should be financially impaired. Be sure to reference Maryland Money Transmitter License Checklist
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