In Florida, a new law was enacted relating to money services businesses titled SB 2158. The new law raises the required license bond requirement amount for money transmitters and would require licensure as oppose to the present registration requirements. The prior law had the Financial Services Commission establish the amount required which could be up to $250,000. Under particular circumstances, the Financial Services Commission was able to boost the required amount up to $500,000 in extraordinary cases. SB 2158 states that the surety bond must be at least $50,000 and it permits the commission to amplify it up to $2 million. The SFAA backed this increase, but informed on the limitations it could produce in availability.
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.