Florida Money Transmitter Bond
Florida's money services business bond runs $50,000 to $2,000,000 — not the $100,000 figure a lot of guides quote (that's actually the separate net-worth requirement, not the bond). Your exact number is a mechanical calculation OFR spells out on Form OFR-560-07: 2% of your prior year's combined Florida money-transmission and payment-instrument volume, rounded up to the next $50,000. Run 250 or more Florida locations and the formula doesn't matter — you're at the flat $2,000,000 ceiling.
- Who requires it: The Florida Office of Financial Regulation (OFR), under Fla. Stat. §560.209 and Rule 69V-560.402, F.A.C.
- Amount: $50,000 to $2,000,000, calculated as 2% of your prior year's combined Florida money-transmission and payment-instrument volume, rounded up to the next $50,000. With 250 or more Florida locations it is a flat $2,000,000. The separate net worth minimum is $100,000.
- Timing: We submit complete applications to the carrier promptly; most quotes within one business day.
The 2% formula that sets your number (Rule 69V-560.402, F.A.C.)
OFR doesn't leave the amount to negotiation. Form OFR-560-07 walks every Part II licensee through the same arithmetic: total your prior calendar year's Florida money-transmission and payment-instrument-sold dollars, take 2% of that figure, then round up to the next $50,000 increment. The result is your required security device — bond, collateral pledge, or a combination — capped at $2,000,000 no matter how large the raw calculation runs.
Florida OFR Security Device Calculation
Fla. Stat. §560.209; Rule 69V-560.402, F.A.C.; Form OFR-560-07 (eff. 02-2023)
| Approx. prior-year Florida volume | Required security device |
|---|---|
| Up to $2,500,000 | $50,000 |
| $2,500,001 – $5,000,000 | $100,000 |
| $5,000,001 – $7,500,000 | $150,000 |
| $7,500,001 – $10,000,000 | $200,000 |
| … | … (every $2.5M step adds $50,000) |
| $27,500,001 – $30,000,000 | $600,000 |
| … | … |
| $97,500,001 – $100,000,000+ | $2,000,000 (statutory cap) |
Volume ranges above are derived by dividing OFR's own Line-5 (2% of volume) examples on Form OFR-560-07 by 0.02 — the increments in between follow the identical round-up-to-$50,000 rule. Enter your own volume in the quote form above for a quick estimate.
Two ways the formula gets overridden entirely
250+ locations → flat $2,000,000
Count your active Florida branches and authorized vendor locations as of December 31. Hit 250 or more and Rule 69V-560.402 sends you straight to the statutory maximum — the volume calculation on Form OFR-560-07 doesn't run at all. This is a headcount trigger, independent of dollar volume.
Armored car only → flat $50,000
If your money transmission activity is limited solely to physically transporting currency by armored car, and you carry cargo insurance equal to or greater than your maximum single-shipment liability (or $2,000,000, whichever is greater), your security device is fixed at $50,000 — the volume formula never applies.
Know your volume band? We'll confirm the exact device amount and quote the premium.
Get Your QuoteDon't confuse the $100,000 net worth floor with the bond
Section 560.209 sets two separate numbers, and mixing them up is the most common error in Florida money transmitter research. The bond (security device) is the $50,000–$2,000,000 volume-scaled figure above. Net worth is different capital you must hold on your balance sheet as a condition of licensure:
Official Florida Requirements
"A licensee must have a net worth of at least $100,000. A licensee operating in more than one location must have an additional net worth of $10,000 per location in this state, up to a maximum of $2 million."Florida Statutes, Chapter 560 • Fla. Stat. §560.209
In practice: a licensee moving $50,000,000 a year in Florida volume could face a bond well into six figures under the 2% formula, while still needing to independently satisfy the $100,000-plus net worth test on its books. One is collateral for consumers; the other is a solvency check on the company.
Filed through OFR's own REAL system — not NMLS
Most states now license money transmitters through the multistate NMLS platform. Florida is a holdout: Part II Money Services Business applications go through the OFR's own REAL (Regulatory Enforcement And Licensing) portal. If you're already NMLS-registered from licensing in other states, that record doesn't transfer — you set up a separate Florida filing, attach your security device evidence, and manage renewals through REAL directly with the Office of Financial Regulation.
The initial Part II license application fee is $375. Budget separately for the surety bond premium (or collateral) once your Form OFR-560-07 calculation sets your required amount — see how premium pricing works on our surety bond cost guide.
Your bond isn't a set-it-and-forget-it number
After your first full year of licensure, Florida requires you to re-run the calculation every year. File Form OFR-560-07 with OFR by January 31 for the preceding calendar year's volume. If the new number is higher than your current device, you have 60 calendar days from January 31 to deliver proof of the increase — an additional bond, a rider on your existing bond, a new collateral pledge agreement, or a combination. A licensee whose Florida volume grows year over year should expect the required amount to step up at each recalculation, not stay fixed at whatever number they started with.
Virtual currency: same bond formula, closer reporting
The security-device math doesn't change for digital-asset transmitters — it's still 2% of reportable volume under the same Form OFR-560-07 process. What's changing is visibility: OFR's MSB Quarterly Report (Form OFR-560-04) was revised effective July 1, 2026 to expand reporting to virtual-currency transmission activity and physical commodity assets, including gold and silver coin, applicable to all MSB licensees. If your business transmits virtual currency in Florida, expect your quarterly filings — not your bond calculation — to carry more line items going forward.
What the bond runs to the state for
Under §560.209, the corporate surety bond "shall run to the state for the benefit of any claimants in this state" against the licensee or its authorized vendors, securing faithful performance of obligations tied to the receipt, handling, transmission, and payment of funds. If a Florida licensee fails to deliver transmitted funds or mishandles customer money, harmed parties and the Office can claim against the device up to its posted amount. The surety pays valid claims, then looks to the licensee for reimbursement under the indemnity agreement — the company remains ultimately liable for every dollar.
More on this bond and Florida filings
Florida money transmitter bond questions
How much is the Florida money transmitter bond, exactly?
It's not one number — Florida runs a formula. Under Fla. Stat. §560.209 and OFR's Form OFR-560-07, your security device equals 2% of your prior calendar year's combined Florida money-transmission and payment-instrument-sold volume, rounded up to the next $50,000 increment. The floor is $50,000 and the statutory ceiling is $2,000,000, regardless of how large your volume calculation runs. A brand-new applicant with no Florida transaction history typically starts at the $50,000 floor.
Is the $100,000 figure I keep seeing the bond amount or something else?
It's something else — and this is the single most common mix-up in Florida money transmitter guidance. Section 560.209 sets two separate numbers: a bond/security device that runs $50,000 to $2,000,000 based on volume, and a net worth requirement of at least $100,000 (plus $10,000 for each additional Florida location, capped at $2 million in net worth). The $100,000 is what OFR requires you to have on your balance sheet, not what your surety bond has to be. A licensee with $50,000,000 in Florida volume and thin capital could face a six-figure bond well above $100,000 while still needing to clear the $100,000 net worth line separately.
What happens if I operate 250 or more locations in Florida?
The volume formula stops applying. Once your active branches and authorized vendor locations hit 250 or more as of December 31, Rule 69V-560.402 requires a flat $2,000,000 security device — you skip the 2%-of-volume calculation on Form OFR-560-07 entirely. This is a location-count trigger, not a volume trigger, so a high-location, lower-volume network (think prepaid-card retail partners) can land at the statutory maximum even if its dollar volume wouldn't otherwise justify it.
Does Florida use the NMLS like most states, or its own system?
Florida is one of the holdouts. While roughly 44 states license money transmitters through the multistate NMLS (Nationwide Multistate Licensing System) platform, Florida's Office of Financial Regulation runs its own REAL (Regulatory Enforcement And Licensing) system for Chapter 560 Part II applications. If you're expanding into Florida after licensing through NMLS elsewhere, budget time to learn OFR's separate portal — your NMLS company record doesn't carry over.
Do I have to recalculate my Florida bond every year?
Yes. After your first full year of licensure, you must file Form OFR-560-07 with OFR by January 31 for the preceding calendar year's volume. If the recalculation shows your required security device increased, you have 60 calendar days from January 31 to deliver evidence of the higher amount — an additional bond, a rider on your existing bond, a collateral pledge agreement, or a combination. Miss that window and you're out of compliance with a licensing condition, not just a paperwork lag.
Are armored car and crypto/virtual currency businesses treated differently?
Both are called out specifically, in opposite directions. If your money transmission activity is limited solely to physically transporting currency via armored car and you carry cargo insurance equal to or greater than your maximum single-shipment liability (or $2,000,000, whichever is greater), Rule 69V-560.402 sets your security device at a flat $50,000 regardless of volume. Virtual currency runs the other way: OFR revised the MSB Quarterly Report (Form OFR-560-04), effective July 1, 2026, to specifically capture virtual-currency transmission activity and physical commodity holdings like gold and silver coin — signaling closer OFR attention to digital-asset MSBs, even though the bond formula itself stays the same 2%-of-volume calculation.
All content is researched from official state and federal sources (.gov). BuySuretyBonds.com works with Treasury-listed surety carriers.
General information, not legal, financial, or underwriting advice. Florida money services business bond amounts, the security-device formula, net worth requirements, and virtual-currency reporting obligations are set by Fla. Stat. Chapter 560, Part II, and administered by the Florida Office of Financial Regulation (OFR); specific amounts turn on your Florida volume, location count, and business model and can change with statute, rule, or form revisions. Verify current requirements with OFR before filing.
Run your Florida volume through the formula before you file.
Tell us your prior-year Florida transmission volume and location count — we'll confirm whether you land at the $50,000 floor, a volume-scaled figure, or the $2,000,000 ceiling, and quote the bond accordingly.
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