Connecticut Money Transmitter Bond
Issued for money services businesses licensed in Connecticut, backed by A-rated, Treasury-listed sureties.
Overview
Money services businesses seeking a money transmitter license in Connecticut are required to post a surety bond as part of the state's licensing process. The bond guarantees the licensee's compliance with Connecticut's money transmission statute and protects consumers who use the licensee's services from loss due to insolvency, fraud, or a failure to remit funds as required by law.
Who Needs This Bond
- Licensed money transmitters and payment processors operating in Connecticut
- Remittance companies and digital wallet providers seeking Connecticut licensure
- Multi-state MSBs adding this state to their license footprint
Obligee & Required Bond Amount
Obligee: Connecticut Department of Banking
Required amount: Tiered by average weekly money transmission amount: $300,000 for volume of $150,000; $500,000 for volume between $150,000–$250,000; $1,000,000 for volume of $250,000 or greater.
How This Bond Is Executed
Filing method: NMLS e-bond
Notarization: N/A
Connecticut accepts the money transmitter bond as an NMLS Electronic Surety Bond (ESB). Machaen Insurance Agency files it electronically through the Nationwide Multistate Licensing System, so there's no paper original to sign, notarize, or mail.
How to Get Bonded
Apply
Complete a short application with your business and coverage details.
Get Quoted
We shop the market among A-rated carriers for the most competitive terms.
Get Covered
Sign your agreement and receive your bond or policy, often within a few business days.
Stay Compliant
We track renewal dates so your coverage stays active without a lapse.
Frequently Asked Questions
How much is the Connecticut money transmitter bond?+
Tiered by average weekly money transmission amount: $300,000 for volume of $150,000; $500,000 for volume between $150,000–$250,000; $1,000,000 for volume of $250,000 or greater. This is confirmed against the current statute at the time of your application, since regulators update these figures from time to time.
Who is the obligee on this bond?+
The Connecticut Department of Banking, which is the agency that licenses and regulates money transmitters in Connecticut.
Is this an NMLS e-bond or a paper bond in this state?+
Connecticut accepts the money transmitter bond as an NMLS Electronic Surety Bond (ESB). Machaen Insurance Agency files it electronically through the Nationwide Multistate Licensing System, so there's no paper original to sign, notarize, or mail.
Do I need a separate bond for every state I'm licensed in?+
Yes. Money transmitter bonds are state-specific, so a license in Connecticut requires its own bond naming the Connecticut Department of Banking as obligee, separate from any other state bonds you hold.
How fast can Machaen Insurance Agency issue a Connecticut money transmitter bond?+
Once your financials and license application details are in hand, we can typically issue an NMLS e-bond within a day or two; a paper bond takes a bit longer to account for signing, notarizing where required, and mailing the original.
Get a Quote for Connecticut
Speak with our surety team about your Connecticut money transmitter bond.
201-316-4159
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