Foreign transmittal agency license

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Agencies must hire a qualified individual for each branch location where the company services Massachusetts consumers. To submit a license application, applicants must first request to obtain an NMLS account.

Applicants must complete the entire application, and submit the following items:. Applicants for the Massachusetts Foreign Transmittal Agency License must pay the following fees when submitting their license application:.

Foreign transmittal agencies can renew their license online through the NMLS. License holders need to simply login to their account to access their renewal application. The Massachusetts Foreign Transmittal Agency License expires on December 31 of each year and must be renewed before the expiration date. The State of Massachusetts does not require foreign transmittal agencies to obtain any form of liability insurance as a prerequisite to obtaining a business license. Foreign transmittal agencies must purchase and maintain a surety bond limits outlined above.

Foreign transmittal agencies should submit the completed bond form, including the power of attorney, electronically through the NMLS. The surety bond requires signatures from both the surety company that issues the bond and a representative from the foreign transmittal agency. The surety company should include the following information on the bond form:. To avoid claims on their bond, foreign transmittal agencies in Massachusetts must ensure to properly hold and transfer all funds received from consumers.

After that, the bond amount is equal to twice the average weekly funds deposited with the licensee by Massachusetts consumers for remittance to foreign countries. The premium that you pay for a Massachusetts Foreign Transmittal Surety Bond is dependent on credit and the bond amount required. Our rates start at 1. Contact our Surety Bond Specialists to get a free quote that applies to your specific situation.

Surety bonds for Massachusetts foreign transmittal agencies must be written by a surety agency that is licensed in Massachusetts. Should you need or choose to buy a surety bond, buy from us. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority.

This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. Do you have anything else to tell us? Please tell us what you were looking for. Do not include sensitive information, such as Social Security or bank account numbers. Your feedback will not receive a response.

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