New York Money Transmitter Bond
Issued for money services businesses licensed in New York, backed by A-rated, Treasury-listed sureties.
Overview
Money services businesses seeking a money transmitter license in New York are required to post a surety bond as part of the state's licensing process. The bond guarantees the licensee's compliance with New York'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 New York
- Remittance companies and digital wallet providers seeking New York licensure
- Multi-state MSBs adding this state to their license footprint
Obligee & Required Bond Amount
Obligee: Superintendent of the New York State Department of Financial Services
Required amount: At least $500,000; the Superintendent has discretion to require a higher amount based on the size and risk of the licensee's business.
Worth confirming: This is New York's standard money transmitter bond, separate from the BitLicense bond required for virtual currency business activity. Confirm the current amount and any additional requirements directly with NYDFS.
How This Bond Is Executed
Filing method: Paper bond
Notarization: Not required
New York does not currently accept this bond as an NMLS Electronic Surety Bond, so it must be issued as a physical, wet-signed original. Based on the current bond form, a notarized signature is not required.
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 New York money transmitter bond?+
At least $500,000; the Superintendent has discretion to require a higher amount based on the size and risk of the licensee's business. 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 Superintendent of the New York State Department of Financial Services, which is the agency that licenses and regulates money transmitters in New York.
Is this an NMLS e-bond or a paper bond in this state?+
New York does not currently accept this bond as an NMLS Electronic Surety Bond, so it must be issued as a physical, wet-signed original. Based on the current bond form, a notarized signature is not required.
Do I need a separate bond for every state I'm licensed in?+
Yes. Money transmitter bonds are state-specific, so a license in New York requires its own bond naming the Superintendent of the New York State Department of Financial Services as obligee, separate from any other state bonds you hold.
How fast can Machaen Insurance Agency issue a New York 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 New York
Speak with our surety team about your New York money transmitter bond.
201-316-4159
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