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What is an Ohio Money Transmitter Bond?
In order to obtain a license as an Ohio money transmitter, applicants are required to purchase a surety bond. The bond ensures that the public will receive compensation for financial harm if the applicant fails to comply with state regulations set forth in statute 1315. It protects Ohioans from any acts of fraud or failures by the applicant when it comes time to transmit funds owed back and forth between consumers and businesses.
Do you need a bond for your business?
Swiftbonds is the best place to get an Ohio Money Transmitter Bond. We offer fast and easy bonding services at competitive rates with no hidden fees or costs. Get bonded today!
A Ohio Money Transmitter Bond from Swiftbonds will help protect your company's assets and ensure that you can maintain operations in case of unforeseen events such as lawsuits or bankruptcy. Contact us now to learn more about our process and how we can help you!
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Why is the Ohio Money Transmitter Bond required?
Businesses must purchase a bond to activate their license or permit. This guarantees that if the business fails to comply with licensing and permit laws, they will be compensated by the surety company for any damages incurred due this negligence. Find a Ohio Mortgage Lending Act Exemption – NMLS Bond.
How does an Ohio Money Transmitter Bond work?
Getting an Ohio Money Transmitter Bond means you agree with the entity requiring it, called the obligee. Your surety company agrees to cover for you in case your clients or public make claims against their contract and need payment from your bond. If there’s ever any problems on either side of this agreement, only then will we get involved so that both parties can be satisfied. Have a Ohio Residential Mortgage Lending Act License – NMLS Bond.
How much does an Ohio Money Transmitter Bond cost?
Ohio Money Transmitter Bond is a type of surety bond that varies in cost and depends on the credit score of the applicant. Sometimes, personal or business financials may be required depending on what surety amount is needed for bonding purposes.
Can I get an Ohio Money Transmitter Bond with bad credit?
Swiftbonds offers a wide-range of approvals, regardless of credit history or bad credit. One key factor in our success is that we are able to work with 99% of applicants who have been turned down elsewhere due to their poor financial standing. Our knowledgeable underwriting staff will make sure you get the lowest possible price for your bond no matter what personal circumstances may be preventing you from getting approved for other companies' bonds. Need a Ohio Short-Term Lender Nonprofit License – NMLS Bond.
How to get your Ohio Money Transmitter Bond?
Would you like to know the first step in getting your Ohio Money Transmitter Bond? It's super easy! Fill out our quick online application and get a no obligation quote today. Our Underwriters will contact you within an hour of submission, or come chat with them on the phone for help applying. See a Ohio Short-Term Lender License – NMLS Bond.