Overview of Georgia Money Transmitter Bond Requirements

To get either a money transmitter license or a seller-issuer of payment instruments license in the state of Georgia, you will need to obtain a money transmitter bond.

Applicants for a money transmitter license are required to obtain a bond in a minimum amount of $100,000. Applicants for a seller-issuer of payment instruments license must obtain a bond in a minimum amount of $250,000. These licensees also require a money transmitter bond, since their license grants them the right to operate as such.

Both of these licenses are regulated by the DBF. To apply for your license though, you will need to use the Nationwide Multistate Licensing System & Registry (NMLS).

Why do I need a bond?

Both the bond for money transmitters and that for seller-issuers of payment instruments guarantees that licensees will comply with the provisions of Title 7, Chapter 1, Article 4 of the OCGA.

If a licensee violates their legal obligations, and causes losses to anyone they offer their services to, then that person may file a claim against the bond in order to secure compensation.

The surety company must then investigate the claim and compensate claimants. Compensation extended by the surety may be as high as the full penal sum of the bond.

If you've never gotten bonded before and want to know more about how bonds work, see our โ€˜What is a surety bond' guide!

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See the sections below to learn more about the cost of your bond, why and how bond claims occur, and how you can get bonded.

If you have any further questions about the money transmitter bonding requirements in Georgia, call our bond experts at (866)-450-3412 anytime!

What's The Cost of The Georgia Money Transmitter Bond?

The cost of your surety bond is a fraction of its total amount. It is determined by the surety company you apply with, based on several criteria.

Factors that influence your bond premium

To determine a bond premium, a surety company will primarily examine an applicant's credit score. Your credit score is considered by sureties a reliable indicator of an applicant's financial strength and stability. The higher the credit score - the more reliable the applicant is considered, and the lower the cost of their bond.

Applicants who have very high credit scores are usually offered a rate between .75% and 1.5% of the total amount of their bond.

Those with good or moderate scores are bonded at rates up to 5%. Finally, those applicants whose credit score currently is low can expect to be offered a rate between 5% and 15%.

Apart from your personal credit score your surety may also request to have a look at your:

  • Personal and business financial statements
  • Fixed and liquid assets
  • Work experience and record

For an estimate of the cost of your bond, based solely on the credit score, see the table below!

Georgia Money Transmitter Bond Cost Based on Credit Score

License type

Bond Amount

Credit Score
Above 700 650-699 600-649 Below 599
Georgia money transmitter $100,000 $750-$1,500 $1,000-$2,500 $2,500-$5,000 $5,000-$7,500
Georgia seller-issuer of payment instruments $250,000 $1,875-$3,750 $2,500-$6,250 $6,250-$12,500 $12,500-$18,750

How Do Bond Claims Occur?

ยง7-1-683.2 of the Code of Georgia states that the bond required of money transmitters and seller-issuers of payment instruments is for the benefit of the Department (DBF) as well as of any holders of payment instruments.

The bond is conditioned to require licensees to pay money to claimants who have suffered losses due to the former's noncompliance with the provisions of the Code. Bonded licensees are further required to pay any money that is due or owed by them to creditors or claimants as a result of the licensee selling them payment instruments or conducting money transmission.

If a licensee violates the provisions of the Code, individuals can bring an action against the bond directly to request that they be compensated for their losses.

The surety that backs the bond is then obligated to investigate the claim and issue compensation in an amount that is adequate to cover the losses suffered by the claimant.

Yet, for the bonded party, the claims process does not end there. Under the bond agreement, any compensation extended to claimants must be repaid to the surety in full. Sureties do not assume liability for claims brought against a bond, so it is always the bonded licensee who must cover a claim in the end.

For this reason, remaining compliant with one's legal obligations is the best course of action to avoid giving rise to a claim!

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If you have any additional questions or need help with your application, call us at (866)-450-3412!

Further Reading


About the author:
Todd Bryant
Todd Bryant is a graduate of Germantown Academy and the University of Pittsburgh College of Business Administration Honors College. He has been President of Bryant Surety Bonds, Inc., an A+ rated Business with the Better Business Bureau, since 2007. Licensed as a producer with the Department of Insurance, he has been published in the National Association of Surety Bond Producers newsletter and on numerous authoritative publications such as The Washington Post, Entrepreneur.com, Azcentral.com and many more.