Michigan money transmitter bonds.
From $5,000.
Michigan licenses money transmitters, 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.
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How much does a Michigan money transmitter bond cost?
1% of the bond amount, from $5,000 at the $500,000 minimum. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
No quote round-trip — enter your amount, pay, and the executed bond delivers through NMLS. Here is the whole thing:
Apply online
Your business details, the bond amount your license requires, and an effective date — that is the application, and any credit screen is a soft pull that never shows as a hard inquiry.
Pay & e-sign
The premium is 1% of the bond amount — priced at checkout, so the bond issues the moment you pay. Your executed bond and power of attorney generate on the spot.
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.
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.
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 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.
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 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.
What sets the price
The premium is 1% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not 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.
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 →Common questions.
Other Michigan bonds.
The same bond in nearby states.
Price and requirements checked on the carrier’s application, . Page updated .
Money transmitter bond, issued today.
1% of the bond amount, with your exact price at the application. Enter your required amount and file the same day.