Ohio Money Transmitter Bond
Overview
Ohio's money transmitter law calls its bond a 'security device' — and the amount is set by the regulator, not a fixed statutory figure. Under Ohio Revised Code section 1315.07, each licensee must maintain a satisfactory security device, and the superintendent of financial institutions determines the amount the superintendent finds appropriate, up to a ceiling of two million dollars except pursuant to a supervisory action. The security device runs to the superintendent for the benefit of claimants against the licensee, securing the faithful performance of the licensee's obligations with respect to money received for transmission from persons in Ohio.
Who Needs This Bond?
Money transmitters licensed by the Ohio Division of Financial Institutions under Chapter 1315 of the Revised Code — remittance companies, payment processors that transmit funds for others, and businesses selling money transmission services to Ohio customers. Applicants maintain the security device as part of licensure, and existing licensees keep it in force at the level the superintendent has determined for their operation.
What is this Bond For?
The security device protects the people whose money the transmitter holds in transit. Section 1315.07 directs that, by control agreement or the terms of the bond, the device runs to the superintendent for the benefit of any claimants against the licensee — securing faithful performance of the licensee's obligations regarding money received for transmission from persons in Ohio. If a transmitter fails and customer funds are stranded, the security device is the dedicated fund the superintendent can reach for those claimants.
When is it Required?
As a condition of holding the license. The security device must be maintained — not just filed once — at the amount the superintendent sets, and it must remain satisfactory to the Division for as long as the company transmits money for Ohio customers. Changes in transmission volume or financial condition can prompt the superintendent to revisit the required amount.
Where Does it Apply?
Statewide, under the Ohio Revised Code, administered by the Division of Financial Institutions within the Department of Commerce. The requirement follows the license: any company transmitting money for persons in Ohio operates under this framework regardless of where the company itself is headquartered.
How to Buy Online
Select 'Buy This Bond Online' to open the secure surety portal in a new tab. Enter the security amount the Division has set for your license, complete the application, and pay online. Your executed Ohio money transmitter bond will be ready to deliver to the Division.
Why Bond Titan?
Bond Titan is powered by The Southern Agency, a licensed surety agency. Ohio's superintendent-set amounts make the statute the essential reference, so the Official Sources section links ORC 1315.07 directly — confirm the rules, get your assigned amount from the Division, and finish the bond online.
Official Sources
The requirements described on this page are verified against the official sources below.
- Licensee must maintain a satisfactory security device; amount set by the superintendent, not exceeding $2,000,000 except pursuant to a supervisory action; device runs to the superintendent for the benefit of claimants, securing faithful performance of transmission obligations: Ohio Revised Code §1315.07 (verified July 16, 2026)