Bond Amount
Set by the State of California Office of the Attorney General
Requiring Entity
State of California Office of the Attorney General
Underwriting Criteria
Instant Issue No Credit Check Required so long as the bond amount is less than $25,000
Premium Rate(s)
2% of the bond amount*
Who is Required to Secure this Bond
In the State of California, every owner of a check cashing business is required by law to obtain a permit from the Attorney General’s Department of Justice. Under the check casher permit program, The permiting process requires the check casher to obtain a surety bond in an amount set forth by the Office of the Attorney General.
Bond Requirement Specifics
The Check Casher bond requirement is made payable to the People of the State of California. It is structured to benefit any person or persons damaged by acts made by the check casher characterized by fraud, dishonesty, misstatement, misrepresentation, deceit and or any unlawful acts or omissions by the check casher. The Surety Company who issued the check casher bond on behalf of the check casher must validate each claim and in the event the check casher is found negligent, the Surety Company must pay the damages sought in the bond claim.
Who is protected Under this Bond
Any person or persons to whom the check casher rendered services. The check casher shall account to any person affected, in respect to business done, or transactions occurring under or by virtue of authority granted by any and all check cashers.
Underwriting Process
The California Check Casher Bond can be INSTANTLY ISSUED without the need of a personal credit check of the applicant so long as the bond amount does not exceed $25,000. If the bond amount is mandated to exceed that amount, a personal credit check of the business owner(s) will be required for approval of the bond. In the event the personal credit does not meet the minimum threshold for a standard approval, the premium rate may be elevated and/or the requirement of collateral or a co-signer may be set forth in the approval conditions of the bond.
What you Need to do Once you have your Bond
As the original check casher bond must be filed with the State of California, Office of the Attorney General the original bond will be mailed to the check casher within 24 hours of submitting their application online so long as the bond is approved and the first year term premium has been paid. The check casher will need to forward the original bond to the State of California, Office of the Attorney General for filing. The bond will be placed in regular mail unless the applicant opts to pay the fee associated with overnight delivery during the application process.
Obligee Link
www.ag.ca.gov/casher
* Please be advised that the quote you obtain for this bond may include a fee charged and retained by The Bond Exchange.