What Requirement Changed for Nebraska Money Transmitters?
A new bill was enacted in April of 2017 that updates the surety bond requirement for money transmitters in Nebraska.
More specifically, the bill labeled LB 186 revises the amount of the license required for money transmitters under existing law. The bond had to be equal to $100,000, plus $5,000 per location under prior law. The bond amount was capped at not more than $250,000. For an initial license, the new law requires the bond to be for $100,000. When the license is renewed, the new law provides that the bond will have to be for an amount ranging from $100,000 to $250,000 based on the dollar volume of the licensee's transmission transactions in the previous four calendar quarters prior to the renewal application.
Why Choose JW Surety Bonds?
We are the nation's largest volume bond producer, and provide the lowest rates in the industry. It's also crucial that you understand that you're responsible to pay any claims filed on your bond. When you partner with our company, you will have a dedicated claim specialist assigned to your account to ensure claim payouts are either reduced or avoided all together.