By the Division of Banks

Calculation Of Bond Requirement

Prior to engaging in or becoming financially interested in the business of receiving money for transmitting it to foreign countries, pursuant to Mass. Gen. Laws chapter 169, section 2, a person "shall make, execute and deliver to the state treasurer a bond in the sum equal to twice the average weekly amount of money or equivalents thereof transmitted to foreign countries by such person, as determined by the Commissioner of Banks . . . but in no event shall the sum of the bond be less than fifty thousand dollars." To determine the bond required for license renewal, the Division calculates the average weekly total of transmissions using information submitted by the licensee for the prior calendar year. This method applies uniformly to all licensed foreign transmittal agencies and is may not be waived or modified due to a licensee's financial hardship or other extenuating circumstances.