Who requires it
Connecticut Department of Banking — Money transmission
License & permit · Connecticut
Connecticut Money Transmitter Bond
Connecticut money transmitter applicants and licensees must file a surety bond with the Banking Commissioner under CGS § 36a-602. For firms that do not transmit virtual currency, the statute sets amounts of $300,000, $500,000, or $1,000,000 from average weekly Connecticut money transmissions during the twelve months ending June 30. Transmitters that will or may handle virtual currency receive an amount set by the commissioner to address market volatility. Approved investments may replace part or all of the bond.
Common bond amount
$300,000 / $500,000 / $1,000,000
By average weekly CT transmissions for twelve months ending June 30; virtual-currency faces set by the commissioner (§ 36a-602).
How you file
File electronically through NMLS, or approved investments instead of a bond
Renewal
Concurrent with the license; resize after each June 30 volume period
Who requires it
Persons applying for or holding a Connecticut money transmitter license under the Money Transmission Act (§§ 36a-595 to 36a-614), including activity involving payment instruments, stored value, and other monetary value received or transmitted in this state.
How much is required
Section 36a-602 measures average weekly Connecticut money transmissions—including money or monetary value received or transmitted in the state and stored value or payment instruments issued or sold here—for the most recent twelve-month period ending June 30. Under $300,000 average weekly → at least $300,000 bond; $300,000 through $500,000 → at least $500,000; above $500,000 → at least $1,000,000. New applicants without that history still start on the $300,000 floor unless they will engage in virtual currency, in which case the commissioner sets the sum. The statute also allows investments in lieu of some or all of the surety when the statutory conditions are met.
How to get and file it
Determine whether virtual currency is in scope, compute the non-virtual-currency tier from weekly Connecticut volume, and have an authorized surety issue the Attorney General–approved form (typically delivered electronically on NMLS). Coordinate any investment-in-lieu package with DOB before treating it as a substitute. The bond runs concurrently with the license. Recalculate after each June 30 measurement period and increase the face when weekly volume crosses a tier. Keep coverage continuous; DOB materials stress the bond as consumer protection for unpaid transmissions.
Cost note
Three hundred thousand to one million dollars is the required bond amount, not the premium you pay. See bond amount vs premium. Bond amount vs premium →
Requirement checklist
- Lower weekly volume
- Average weekly CT transmissions under $300,000 → at least $300,000
- Middle weekly volume
- Average weekly $300,000–$500,000 → at least $500,000
- Upper weekly volume
- Average weekly above $500,000 → at least $1,000,000
- Virtual currency
- Principal sum determined by the commissioner under § 36a-602
Official sources
Related resources
Frequently asked questions
Is the Connecticut money transmitter bond based on annual volume?
No. Section 36a-602 uses average weekly Connecticut money transmissions for the twelve months ending June 30, not a simple annual-sales figure.
Can I replace the bond with investments?
Section 36a-602 allows certain investments in lieu of all or part of the surety when the statutory conditions are met. Confirm the allowed instruments and any remaining bond balance with the Department of Banking before relying on a substitute.
Related Connecticut bond guides
Mortgage Lender Bond
$50,000–$500,000
Connecticut mortgage lenders, mortgage correspondent lenders, and mortgage brokers file one surety bond with the Banking Commissioner covering the main office, branch offices, and sponsored mortgage loan originators. CGS § 36a-492 sets lender and correspondent faces from $100,000 to $500,000, and broker faces from $50,000 to $150,000, using aggregate residential mortgage originations for the preceding four quarters ending June 30. Filings run electronically through NMLS.
Consumer Collection Agency Bond
$50,000 per office
Connecticut consumer collection agencies must post a surety bond before the Department of Banking grants or renews the license. CGS § 36a-802 sets $50,000 for the main office and another $50,000 for each branch office. Agencies engaged solely in debt buying are exempt from the bond. Filings are made electronically on NMLS under the Department’s electronic-bond order.
Debt Adjuster Bond
$40,000+
Connecticut debt adjusters must file a surety bond with the Banking Commissioner before a license issues or renews. CGS § 36a-664 sets the principal amount at the greater of $40,000 or twice the average daily balance of payments received from Connecticut debtors during the twelve months ending June 30. Multi-location applicants file one bond. Credit clinics under § 36a-700 are a different legal category and do not use this schedule.
Surety basics (not repeated here)
Universal surety concepts explained once—linked here instead of repeated on every state or bond page.
Continue with a Connecticut application
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Last verified 2026-08-11. This guide is based on verified educational content and official sources.
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