Who requires it
Maryland Commissioner of Financial Regulation — Money transmission
License & permit · Maryland
Maryland Money Transmitter Bond
Maryland money transmitters licensed under the Maryland Money Transmission Act must maintain a surety device with the Commissioner of Financial Regulation. Financial Institutions Article § 12-412 sets the amount at the greater of $150,000 or 100% of the firm’s average daily money transmission liability in Maryland for the most recently completed calendar quarter, not to exceed $2,000,000. A qualifying deposit can substitute for the surety bond.
Common bond amount
$150,000–$2,000,000
Greater of $150,000 or 100% of average daily Maryland money-transmission liability for the latest completed quarter, capped at $2,000,000.
How you file
Surety bond or deposit in lieu of bond, filed with the Commissioner
Renewal
Stays in force while licensed; recompute by quarter; 90-day cancel notice; claims can be filed for three years after cancel or license end
Who requires it
Applicants and licensees for a Maryland money transmitter license under Financial Institutions Article Title 12, Subtitle 4. Authorized delegates are covered by the licensee’s obligations under the bond conditions; they do not each post a separate statewide transmitter bond under this section.
How much is required
Average daily money transmission liability means outstanding Maryland money-transmission obligations at the end of each day in a quarter, summed and divided by the number of days in that quarter. Compare that figure at 100% to the $150,000 floor and take the greater amount, then apply the $2,000,000 statutory maximum. Quarters for the calculation end March 31, June 30, September 30, and December 31. The Commissioner may demand additional security if the device becomes insufficient.
How to get and file it
Compute the required amount from the latest completed quarter’s average daily Maryland liability (or use the $150,000 floor if higher). Have an authorized surety issue a continuous bond to the Commissioner, or arrange a deposit in lieu of bond meeting § 12-412(c), then file through the Commissioner’s NMLS money-transmitter process. Keep the surety device in force while licensed. Cancellation requires certified-mail notice to the Commissioner and is effective only 90 days after receipt. Claims can be filed for three years after the later of cancellation or license termination. Recalculate when average daily Maryland liability moves the amount, and restore any amount reduced by claims.
Cost note
One hundred fifty thousand to two million dollars is the required bond amount, not the premium you pay. See bond amount vs premium. Bond amount vs premium →
Requirement checklist
- Floor
- $150,000 minimum surety or deposit
- Liability formula
- 100% of average daily Maryland money-transmission liability (latest completed quarter)
- Cap
- $2,000,000 statutory maximum
- Authority
- Financial Institutions Article § 12-412
- Alternative
- Deposit in lieu of surety bond with market value equal to the required amount
Official sources
Related resources
Frequently asked questions
Which quarter’s liability sets my Maryland transmitter bond?
Section 12-412 uses the most recently completed quarter, with quarter-ends on March 31, June 30, September 30, and December 31. Average the end-of-day outstanding Maryland transmission obligations across every day in that quarter.
Is $150,000 always enough?
Only when 100% of average daily Maryland liability is at or below $150,000. If liability is higher, the bond or deposit must rise with that figure until the $2,000,000 cap.
Related Maryland bond guides
Mortgage Lender Bond
$50,000–$750,000
Maryland licenses mortgage brokers, lenders, and servicers under a single mortgage lender framework administered by the Commissioner of Financial Regulation. Financial Institutions Article § 11-508 requires a continuous surety running to the Commissioner—between $50,000 and $750,000—for the benefit of the State and borrowers harmed by licensing-law violations. The Office of Financial Regulation publishes Maryland-only volume tiers for brokering/lending and for servicing portfolios; when both apply, the higher amount controls.
Collection Agency Bond
$50,000
Maryland collection agencies licensed by the State Collection Agency Licensing Board must file a continuous surety bond under Business Regulation Article § 7-304. The statute lets the Board set each licensee’s amount anywhere from $50,000 to $1,000,000. The Board’s November 2024 guidance states that every licensee must carry $50,000—while reserving the right to require more later.
Credit Services Business Bond
$50,000–$200,000
Maryland credit services businesses—firms that, for a fee, help consumers improve credit records or obtain extensions of credit—must be licensed and bonded. Commercial Law § 14-1908 requires a surety under Financial Institutions Article Title 11, Subtitle 3. Subtitle 3 licenses are processed under Subtitle 2 rules, including the § 11-206 surety of $50,000 to $200,000 set by the Commissioner of Financial Regulation. Confirm the amount currently shown on the Credit Services Business NMLS checklist for your company.
Surety basics (not repeated here)
Universal surety concepts explained once—linked here instead of repeated on every state or bond page.
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Last verified 2026-08-11. This guide is based on verified educational content and official sources.
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