Arkansas Money Transmitter Bonds

A surety bond must be furnished by Arkansas money transmitters in accordance with the Arkansas Uniform Money Services Act. The surety bond must be in a coverage amount of $50,000 plus $10,000 per additional location and a maximum bond coverage amount required is $300,000. The state of Arkansas Securities Department generally requires a person or business to have a license and a surety bond to engage in money services if the entity receives money or its equivalent value for transmission, sells, issues, or acts as an intermediary for stored value devices, issues or sells prepaid access cards, conducts bill payer services, or engages in informal money transfer as a business for transferring money outside the traditional financial institutions system.