> Just to clarify here: based on my not insignificant research on this issue, this $25 million bond is the approximate total cost of the bonds for each state that requires money transmitters to hold a license and a bond. It's not a federal requirement.
As I understand it, it is federal requirement that they be licensed by each state into or out of which they will transmit money, but the actual licensing requirements are set state-by-state.
As I understand it, it is federal requirement that they be licensed by each state into or out of which they will transmit money, but the actual licensing requirements are set state-by-state.