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Delaware bonds

Delaware — Casher Of Checks, Drafts Or Money Orders Bond

Delaware's licensed casher of checks, drafts or money orders files an original $5,000 undertaking with the State Bank Commissioner. Use the applicant's exact legal name and business names, identify each location or mobile unit, and submit the licensing documents separately from the provider application.

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Recorded state
Delaware
Bond type
Check Cashing / Seller of Checks Bond
Category
Financial services

What this bond does

Provide the security required by 5 Del. C. Section 2714(a) for the Chapter 27 check-cashing license.

Who needs it
The business cashing existing checks, drafts or money orders under Chapter 27. A licensed limited station serving its specified employee group has a separate no-bond provision; selling payment instruments or transmitting funds should not be treated as this check-cashing activity.
Who it protects
The undertaking runs to Delaware for the State Bank Commissioner's office and consumers suffering actual losses from a licensee's wrongful act, omission, default, fraud or misrepresentation. It also secures amounts due the state under applicable banking law. Business creditors, service providers, agents and employees are excluded from compensation. The surety's aggregate is $5,000, excluding statutory interest for late claim payments.

Your bond option

This is the option on record for this bond.

The bond amount describes the limit of the bond obligation, not the price. A listed amount does not establish what the requesting party requires. The premium is what you pay and must be confirmed for the actual option. An E&O limit, where listed, is separate errors and omissions insurance.

Details for the original bond and licensed locations

The application expressly requires the applicant name, including all business names, to match the surety document. List the Delaware principal office, additional locations, proposed mobile-unit territory/vehicle and records location as applicable. A regular place of business or mobile unit needs its own license; use the Commissioner's additional-location request when expanding.

The Commissioner asks for the original $5,000 corporate surety document using the posted check-casher form, with an authorized Delaware surety. It must cover the license period without expiring early or be continuous. The posted model is continuous and includes the principal/surety names, surety office, bond number, dated signatures and seal fields.

Cancellation under the model requires thirty days' written notice to both principal and the Commissioner's office, measured from the office's receipt. Earlier covered losses are not released. Current Section 2714(a) also allows the Commissioner two calendar years after cancellation or termination to submit claims and requires immediate filing of the amended original when the surety or undertaking changes.

Claims are handled through the Commissioner. The surety must notify that office on receipt and await its direction before paying. The statute requires payment to the office within ninety days after receipt of a claim, with legal-rate interest on late payment. Do not treat this undertaking as protection for every business debt or transaction.

Prepare the full licensing application, entity/ownership and financial information, required references, business plan and regulatory registrations. The application itself requires authorized principal certification, applicable attestation and notarization. Those application requirements do not create an extra notarization field on the posted surety model.

Licenses expire December 31, with renewal applications required at least thirty days earlier. Maintain the separate statutory liquid assets for each location/mobile unit as well as accepted security. Section 2723 exempts an approved limited station from a separate bond, but it does not turn every branch into a limited station.

Sources

Have these ready

  1. Match the applicant's legal name and all business names to the original surety document.
  2. Identify the Chapter 27 license, locations, mobile units and any actual limited-station status.
  3. Prepare accepted $5,000 security, its operative dates, authorized signatures and original filing.
  4. Complete entity, financial, reference, business-plan and application certification requirements.
  5. Plan December 31 renewal, timely amendments and uninterrupted accepted security.

Questions about this bond

Does every additional location count as a limited station?

No. A limited station is licensed to serve its specified group, and Section 2723 provides its bond exception. Regular locations and mobile units have their own licensing requirements. Describe the actual site to the Commissioner before relying on that exception.

Does the bond replace the required liquid assets?

No. Section 2715 separately requires liquid assets for each location and mobile unit. Those operating assets and the Section 2714 surety undertaking are different licensing requirements.

What follows Purchase Now?

Propeller's Delaware Casher of Checks, Drafts or Money Orders application opens in a new tab. Match the principal, accepted $5,000 Chapter 27 form, operative dates and execution, then deliver the original with the licensing materials as directed. Payment does not issue a license or approve an additional location.

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