SD Money Transmitter Licenses to be Managed by NMLS

SOUTH DAKOTA — Electronic surety bond tracking for the state’s Money Transmitter License will be managed through Nationwide Multistate Licensing System (NMLS) starting July 1 of 2019, according to the South Dakota Division of Banking.

Current licensees need to convert all existing surety bonds to NMLS by submitting an electronic surety bond by Dec. 31, 2020. The license will not be renewed on Jan. 1, 2021 if existing bonds are not converted, according the South Dakota Division of Banking.

The state requires a $100,000 bond to hold a money transmitter license, according to state law. The bond must be issued by a surety company authorized to do business in South Dakota.

This license authorizes, according NMLS’ ND Money Transmitter License New Application Checklist:

  • Electronic money transmitting
  • Issuing traveler’s checks
  • Selling traveler’s checks,
  • Issuing money orders,
  • Issuing and/or selling drafts
  • Transporting Currency
  • Issuing prepaid access/stored value
  • Selling prepaid access/stored value

WHO TO CONTACT: The South Dakota Division of Banking licensing staff by phone at 605-773-3421 or send questions via e-mail to banking@state.sd.us for additional assistance.

Alpha Surety & Insurance Brokerage will be happy to answer any questions regarding the North Dakota Money Transmitter 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 whether or not you choose to bond with us.

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