Connecticut money transmission bonds.
$10,000 flat.
Connecticut licenses money transmitters through the Department of Banking, and a licensee with the highest volume tier — or one that transmits virtual currency — files a $1,000,000 surety bond under CGS § 36a-602. Ours is $10,000 flat, and the price you see is the checkout price.
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How much does a Connecticut money transmission bond cost?
$10,000 at the $1,000,000 amount, the same for every applicant.
Three steps. One sitting.
The bond side of your Department of Banking license is the easy part. Here's the entire process:
Apply online
Business and ownership details, an effective date, and a soft-pull credit consent — a soft inquiry only, so it never affects your score. That is the application.
Pay & e-sign
This bond is checkout-priced at $10,000 flat, so it issues the moment you pay — no quote round-trip, no waiting on an underwriting queue.
File with the Department of Banking
Your executed bond and power of attorney arrive by email, ready to file with your money transmission license application or renewal through NMLS. Wet-ink original mailed on request.
What it is and who needs it.
What the bond actually guarantees
Connecticut requires anyone engaged in the business of money transmission — transmitting money on behalf of a customer, selling payment instruments, or transmitting virtual currency — to hold a license from the Department of Banking. CGS § 36a-602 conditions that license on a surety bond approved by the Attorney General, with the amount tiered to the licensee's volume: $300,000 for an applicant or licensee averaging under $300,000 in weekly Connecticut money transmissions, $500,000 for the middle tier, and $1,000,000 for a licensee whose average weekly transmissions exceed $500,000. A licensee that transmits virtual currency files a bond in a principal sum the Commissioner sets to address the volatility of that currency — this page prices the $1,000,000 filing.
It's a three-party arrangement: you (the principal), the surety carrier, and the Banking Commissioner (the obligee, in whose favor the bond runs), with damaged consumers as the protected parties. A claim for damages arising from the money transmission business — made within two years of the act, error, or omission — can be brought against the bond, and the Commissioner can also proceed on it.
It is not insurance for you — if the surety pays a claim, you repay the surety. The bond must run concurrently with your license and stay on file for as long as you hold it, so we track the term and send renewal notices 60 and 30 days out to keep your $1,000,000 filing continuous.
You need this bond if you're
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the $1,000,000 bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose; a longer term is the same price per year, chosen at checkout.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File with the Department of Banking. Your executed bond and power of attorney arrive by email, ready to file with your money transmission license application or renewal through NMLS. Wet-ink original mailed on request.
What sets the price
The premium is fixed at $10,000 at the $1,000,000 amount for every applicant: the carrier’s rate book prices this bond by the form, not by your credit or your business profile.
One soft credit pull, never a hard inquiry, and it never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued instantly.
These are the actual issuing fields — business and ownership details, an effective date, and a soft-pull credit consent that never affects your score.
Start the application →Common questions.
Other Connecticut bonds.
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Price and requirements checked on the carrier’s application, . Page updated .
Finish your Department of Banking license today.
$10,000 flat, issued the moment you pay, soft pull only. Free until issued.