Wisconsin — Community Currency Exchange (NMLS) Bond
Wisconsin community currency exchanges cash checks for a fee under Section 218.05 and apply through NMLS. The statute calls for an annually approved $5,000 undertaking. Match the licensed exchange and location; the separate money-transmitter security is not the requirement for ordinary check cashing.
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- Recorded state
- Wisconsin
- Bond type
- Check Cashing / Seller of Checks Bond
- Category
- Financial services
What this bond does
Provide annual security in a Division-approved form under Wisconsin Statutes Section 218.05(3)(c) for a community currency-exchange license.
- Who needs it
- The business seeking or maintaining the actual community currency-exchange license. DFI distinguishes incidental check cashing within another business and authorized money-transmitter agency work; disclose the services rather than assuming every activity has the same license.
- Who it protects
- The $5,000 security runs to Wisconsin for creditors' liabilities involving sums due to a payee of a check, draft or money order left with the exchange for collection, and for penalties under Section 218.05. It is separate from the required commercial crime insurance for the exchange's own covered losses.
Your bond option
This is the option on record for this bond.
- Bond optionPurchase Now (opens in a new tab)Continue to our secure checkout partner, Propeller (opens in a new tab).
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.
Sources
- Wisconsin DFI — complete Currency Exchange programme (opens in a new tab)Checked October 27, 2026
- Wisconsin Legislature — selected complete Section218.05 subsections (opens in a new tab)Checked October 27, 2026
- Wisconsin DFI — complete Currency Exchange FAQ subsection (opens in a new tab)Checked October 27, 2026
Have these ready
- Identify the actual Section 218.05 licensee, business address and NMLS unique identifier.
- Match the $5,000 annual approved security and any Division demand for an additional undertaking.
- Use the current NMLS checklist and accepted condition, operative dates and execution.
- Prepare the separate commercial crime policy and financial qualifications.
- Complete license renewal, March 31 annual reporting and fiscal-year financial uploads.
Questions about this bond
Is this the larger money-transmitter requirement?
No. This is Section 218.05 community currency-exchange security for check cashing. Wisconsin Chapter 217 money transmission has separate requirements. Disclose any money-order or wire-transfer services and whether the business acts only as an authorized agent.
Does the thirty-day additional-bond rule describe cancellation?
No. Section 218.05(3)(c) gives thirty days after the Division's written demand to file additional security when the existing undertaking is insecure, exhausted or doubtful. Obtain the accepted undertaking's own cancellation directions rather than applying that deadline to cancellation.
What follows Purchase Now?
Propeller's Wisconsin Community Currency Exchange (NMLS) application opens in a new tab. Match the licensed principal/location, Section 218.05 condition, required sum, dates and execution, then complete the Division's current NMLS filing and annual approval. Payment does not itself renew the license or supply its separate crime policy.