MI money transmitter bonds.
From $100. Enter your amount.

Michigan licenses money transmitters under the Money Transmission Services Act, and MCL 487.1013 requires a surety bond of at least $500,000 and up to $1,500,000 — the commissioner sets your figure based on your locations and authorized delegates, and the bond files through NMLS. The premium is 1% of the bond amount, $100 minimum, the bond issues the moment you pay, and any credit screen is a soft pull only — it never affects your score.

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Required for a Michigan money transmission license under MCL 487.1013

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Amount set by the commissioner — $500,000 to $1,500,000 by locations and delegates

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1% of the bond amount, $100 minimum — exact price at the application

1% rate$100 minimumExactprice at the applicationSoft pullnever a hard inquiry

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How it works

Apply to filed in one sitting.

No quote round-trip — enter your amount, pay, and the executed bond delivers through NMLS. Here is the whole thing:

NOW · ONLINE

Apply online

Your business details, the bond amount your license requires, and an effective date — that is the entire application, and any credit screen is a soft pull that never shows as a hard inquiry.

INSTANTLY

Pay & e-sign

The premium is 1% of the bond amount, $100 minimum — priced at checkout, so the bond issues the moment you pay. Your executed bond and power of attorney generate on the spot.

SAME DAY

File through NMLS

The executed bond delivers on the NMLS electronic surety bond track to the Michigan Department of Insurance and Financial Services. Wet-ink original mailed whenever the state insists.

About this bond

What it is and who needs it.

What the money transmitter bond covers

Michigan regulates money transmission through the Department of Insurance and Financial Services under the Money Transmission Services Act, 2006 PA 250. MCL 487.1013 requires each licensee to post a surety bond in a principal amount of at least $500,000 and not more than $1,500,000 — the commissioner determines the figure based on the number of locations and authorized delegates.

The bond is payable to the commissioner for the benefit of Michigan residents who are creditors or claimants of the licensee. It secures the faithful performance of your obligations — and those of your authorized delegates — with respect to the money you receive for transmission.

It is not insurance for you — if the surety pays a claim, you repay the surety. The bond expires no earlier than the license does, so it must stay continuously in place; we track the term and send renewal notices 60 and 30 days out.

MCL 487.1013(5)Section 13 of the Money Transmission Services Act requires a license applicant to file a surety bond in a principal amount of at least $500,000.00 and not more than $1,500,000.00 — the commissioner determines the amount based on the number of locations and authorized delegates. The bond is payable to the commissioner for the benefit of Michigan-resident creditors and claimants, secures the faithful performance of the licensee’s money transmission obligations, and expires no earlier than the license.

You need this bond if you're

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Applying for a Michigan money transmission license — the bond files with your NMLS application

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Adding locations or authorized delegates — the commissioner can re-size the required amount

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Renewing your license — the bond expires no earlier than the license

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Reinstating a license whose bond lapsed

One application, issued instantly.

Submit the application with the bond amount your NMLS checklist requires — the executed bond is generated the moment you pay, ready to file.

Start the application →

FAQ

Common questions.

How much is the Michigan money transmitter bond?The premium is 1% of the bond amount, $100 minimum. The bond amount is set by the commissioner between $500,000 and $1,500,000 under MCL 487.1013 — so your exact price appears at the application, before you pay.

How is the bond amount set?By the commissioner, based on the number of locations and authorized delegates through which you provide money transmission services in Michigan. Your NMLS license checklist states the figure — enter that amount at the application.

Is there a credit check?If a credit screen runs on this bond, it is a soft pull only — never a hard inquiry, and it never affects your score. The rate stays 1% of the bond amount either way.

How fast will I have the bond?This bond is checkout-priced, so it issues the moment you pay — your e-signed bond and power of attorney arrive by email, delivered on the NMLS electronic surety bond track.

Who requires the bond, and where does it go?The Michigan Department of Insurance and Financial Services, which administers the Money Transmission Services Act. The bond is payable to the commissioner and files electronically through NMLS with your license.

Related bonds

Other Michigan bonds.

Money transmitter bond, issued today.

1% of the bond amount, $100 minimum, with your exact price at the application. Enter your required amount and file the same day.

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Your premiumfrom $100

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