Who requires it
Wyoming Division of Banking — Money transmitters
License & permit · Wyoming
Wyoming Money Transmitter Bond
Wyoming money transmitters must furnish security under W.S. 40-22-106 with the license application or upon approval. The statute accepts a surety bond, an irrevocable letter of credit, or another similar form the commissioner finds acceptable. The required amount is ten thousand dollars or two and one-half times the outstanding payment instruments, whichever is greater, but not more than five hundred thousand dollars. The commissioner may raise the amount within that maximum when a licensee’s financial condition is impaired. The security protects people who gave the company money to transmit. The statute also allows depositing cash or certain securities with a financial institution as an alternative to the surety or letter of credit. File electronically through NMLS as the Division of Banking requires.
Common bond amount
$10,000–$500,000
Greater of $10,000 or 2.5× outstanding payment instruments, not to exceed $500,000; commissioner may raise within the max. Surety, irrevocable letter of credit, or similar; deposit alternative available.
How you file
Surety bond, irrevocable letter of credit, similar device, or approved deposit
Renewal
Keep the bond while licensed. Increase the amount if outstanding instruments grow, or if the commissioner orders a higher amount.
Who requires it
Applicants for and holders of Wyoming money transmitter licenses under the Wyoming Money Transmitters Act filing with the Division of Banking.
How much is required
Use the greater of $10,000 or 2.5 times outstanding payment instruments, capped at $500,000. The commissioner may raise the amount within that cap if financial condition is impaired.
How to get and file it
Compute the W.S. 40-22-106 amount from outstanding instruments (or confirm any higher commissioner order), arrange a surety, irrevocable letter of credit, or other accepted security—or the statutory deposit alternative—in the exact licensee name, and submit through NMLS as Banking instructs. Keep security for the license term and increase it when outstanding instruments grow or when the commissioner orders an increase. Keep NMLS filings current; document-upload substitutes may not satisfy the electronic surety requirement.
Cost note
The formula result is the required bond amount, not the premium you pay. Letters of credit and deposits are alternatives, not free coverage. See bond amount vs premium. Bond amount vs premium →
Requirement checklist
- Minimum / formula
- Greater of $10,000 or 2.5× outstanding payment instruments
- Maximum
- $500,000
- Alternatives
- Irrevocable letter of credit, similar commissioner-accepted device, or cash/securities deposit
Official sources
Related resources
Frequently asked questions
Is a letter of credit allowed instead of a surety bond?
Yes. W.S. 40-22-106 expressly allows an irrevocable letter of credit or another similar security device acceptable to the commissioner, as well as a surety bond.
What is the ordinary maximum under the formula?
Two and one-half times outstanding payment instruments cannot push the required amount above five hundred thousand dollars. Separately, the commissioner may increase the required amount up to that same maximum based on impaired financial condition.
Related Wyoming bond guides
Mortgage Lender / Broker Bond
$25,000–$100,000
Wyoming mortgage lenders and brokers must maintain a surety under the Residential Mortgage Practices Act, W.S. 40-23-110. The bond covers individual loan originators employed by or under contract with the licensee. Since January 1, 2010, the commissioner sets the amount by rule from the licensee’s Wyoming loan volume. Chapter 2 of the Banking rules starts new licensees at twenty-five thousand dollars until the first renewal, then steps the amount to twenty-five, fifty, or one hundred thousand dollars when prior-year Wyoming loans made or brokered are at or below three million, above three million but under ten million, or at least ten million dollars. Organizations that employ or contract with mortgage loan originators under the Wyoming Uniform Consumer Credit Code follow a parallel volume schedule in W.S. 40-14-637 and Chapter 5 rules, with the annual adjustment due before January 31. Keep the bond until the commissioner releases it in writing. If it is never released, the bond stays in force for two years after the license is surrendered, revoked, or expires. Do not use the pre-2010 statutory formula of twenty-five thousand dollars plus ten thousand dollars per licensed office—that schedule no longer governs current renewals.
Collection Agency Bond
$10,000
Wyoming collection agencies must furnish ten thousand dollars of security under W.S. 33-11-108 after the Collection Agency Board approves the application. The statute accepts either a surety bond from a company licensed in Wyoming or a ten-thousand-dollar cash deposit with the state treasurer. The bond protects creditors if the agency does not turn over collection proceeds—less agreed charges. Claims go first to the board, which notifies the surety; if the surety does not pay or settle within thirty days, the claimant may sue on the bond. When a surety withdraws, or when the insurance commissioner revokes the surety’s authority, the licensee has thirty days after board notice to file a new bond or lose the right to operate. Each Wyoming office is licensed separately, and board rules require branch offices to meet full licensing requirements—so budget a ten-thousand-dollar bond for each licensed location.
Motor Vehicle Dealer Bond
$25,000
Wyoming vehicle dealers and Wyoming-based manufacturers must file a twenty-five-thousand-dollar surety bond with the Department of Transportation under W.S. 31-16-103(h). The statute requires a surety licensed in Wyoming, attorney-general approval of the form, a guarantee that the dealer will return the license, manufacturer plates, full-use and demo plates, and temporary permits, and coverage if the applicant practices fraud or violates dealer-related federal or state law. Official Form MV-424 sets the same twenty-five-thousand-dollar amount. Keep the required bond coverage active and do not let it lapse. If the surety cancels, have a replacement covering the same period in place first. The name on the bond must match the Wyoming Secretary of State filing exactly—including capitalization and punctuation—or WYDOT will reject the bond.
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 2026-08-12. This guide is based on verified educational content and official sources.
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