More than 1 year?

[Numbers]

Is it possible to get a money transmitter bond for more than 1 year?

[Bond Magician]

It really all depends on what the state (obligee) is requiring. In some cases, certain states require the bond term to be longer than one year, and they have this bond language stated in their bond form. A lot of states require a one year bond term. In that case, the premium is paid before the bond is issued, and then the bond is renewed ever year.
I would double check with the obligee to see what the required bond term is.

Hope this helps!

[Surety Queen]

Originally Posted by Bond Magician

It really all depends on what the state (obligee) is requiring. In some cases, certain states require the bond term to be longer than one year, and they have this bond language stated in their bond form. A lot of states require a one year bond term. In that case, the premium is paid before the bond is issued, and then the bond is renewed ever year.
I would double check with the obligee to see what the required bond term is.

Hope this helps!

If it's possible for us to write a multi-year bond for you, you may be eligible for a discounted premium for the extended term. Best to check with your bond representative when submitting your application - which you can get by following this link: Money Transmitter Bonds - Surety Bond Types