RHODE ISLAND – Businesses engaged in currency transmission will soon be required to submit a new surety bond form.
The 2019 General Assembly enacted legislation effectively merges “Sale of Checks” and “Electronic Money Transfers” licenses into one “Currency Transmitter” license.
The revisions define currency transmission as engaging in the “sale or issuance of payment instruments or stored value primarily for personal, family or household purposes; or transmission within the United States or to locations abroad by any and all means.” This also includes maintaining control of virtual currency or transactions in virtual currency on behalf of others, according the law.
Companies required to hold a Rhode Island Currency Transmission License must also submit a Currency Transmitter Surety Bond of $50,000 plus any additional required sum, regardless of whether the company is currently bonded for one or both previous license types.
The new requirements go into effect at the beginning 2020.
Rhode Island participates in the Nationwide Multistate Licensing System (NMLS). All applications for this license must be submitted through NMLS.
You can visit the state’s Department of Business Regulation website, call (401) 462-9503 or email DBR.BankInquiry@dbr.ri.gov for more information on licensing requirements.
Alpha Surety & Insurance Brokerage will be happy to answer any questions regarding the Rhode Island Currency Transmission Surety Bond or any surety bond questions in general. You can call 800-901-3099 or send an email through the contact us page. We are here to answer your questions and help you fully understand surety bonds regardless of whether you choose to bond with us.