Both money service and money transmitter companies are affected by a new bill that was enacted in the state of Arkansas. The new bill is called SB 785 and boosts the maximum surety bond amount required of money transmitters from $250,000 to $300,000. The old bill called for a surety bond of $50,000 with an additional $10,000 per business location within Arkansas.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.