Maryland Money Transmitter Bonds

A Money Transmitter Surety Bond is required in Maryland for businesses selling or issuing payment instruments, stored value, or receiving money or items with monetary value for transmission to another worldwide location either by electronically or through the internet. Also under the money transmission definition are bill payer service providers and accelerated mortgage payment service providers. The surety bond ensures that applicants and licensees are comply with the Maryland Money Transmitter Law, and other applicable State or Federal statutes and regulations. Maryland rules and regulations can be found by accessing the Code of Maryland Unannotated and Rules (Public Access) and Code of Maryland Regulations (COMAR).