Under newly enacted law a Mississippi check cashers bond is required of all currency exchange/check cashing operators in the state. Introduced in 2012 as House Bill 559 and passed into law during the 2013 session, state law defines a check casher as any individual, partnership, joint-stock association, trust or corporation, who exchanges cash or other value for any check, draft, money order, personal money order, or other instrument for the transmission or payment of money, except travelers checks and foreign drawn payment instruments, and who charges a fee therefor. The Mississippi check casher bond must be written in the amount of ten thousand dollars ($10,000) and guarantees compliance with MANY service that the license authorizes the check casher to offer. A licensed check casher may by law sell, at the same 78 location as his check cashing business, money orders, income tax preparation services, copy services, wire transfer services, notary services, pager services, prepaid cellular services, prepaid cards and operate a processing center where utility bills, credit card payments and other payments are collected from the general public. The Mississippi check cashers bond therefore can be a significant obligation guaranteeing that the licensee will not fail to comply with multiple statutory requirements of conduct and fiduciary duty. The statute states that the surety bond must be payable to the State of Mississippi for the faithful performance by the licensee of the duties pertaining to the business and the prompt payment of any judgment which may be recovered against the licensee on account of charges or other claims arising directly or collectively from any violation of the state law. The Mississippi check casher bond must be filed with the Commissioner of Banking and Commercial Finance for his approval before it is declared valid. Lastly, the check casher applicant must prepare appropriate financial statements for the Commissioner’s review that support certain minimum net worth. The Commissioner’s office website is an excellent resource for the Mississippi check cashers bond form, applications, contact telephone numbers and further information about the licensing process. National surety leader, Surety One, Inc. is one of the largest financial services surety agency operations in the United States. Our underwriting solutions can provide you the surety bond that you need regardless of your financial condition. Visit SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for a Mississippi check cashers bond application or information about any surety bond need.