(a) An applicant for a money transmission license shall provide, and a licensee at all times shall maintain, security consisting of a surety bond in a form satisfactory to the Securities Commissioner. (b) The amount of the required security under this section shall be: (1) the greater of $100,000 or an amount equal to 100 percent of the licensee's average daily money transmission liability in this state, calculated for the most recently completed three-month period, up to a maximum of $500,000; or (2) if the licensee's tangible net worth exceeds 10 percent of total assets, then the licensee shall maintain a surety bond of $100,000. (c) A licensee that maintains a bond in the maximum amount provided for in subsection (b), as applicable, is not required to calculate its average daily money transmission liability in this state for purposes of § 23-55-702 . (d) A licensee may exceed the maximum required bond amount under § 23-55-702(a)(6) . Amended by Act 2023, No. 442,§ 4, eff. 8/1/2023. Amended by Act 2019, No. 111,§ 2, eff. 7/24/2019. Amended by Act 2017, No. 620,§ 1, eff. 8/1/2017. Amended by Act 2013, No. 531,§ 5, eff. 8/16/2013. Acts 2007, No. 1595, § 1; 2009, No. 486, § 9; 2011, No. 733, § 4. (a) An applicant for a money transmission license shall provide, and a licensee at all times shall maintain, security consisting of a surety bond in a form satisfactory to the Securities Commissioner. (b) The amount of the required security under this section shall be: (1) the greater of $100,000 or an amount equal to 100 percent of the licensee's average daily money transmission liability in this state, calculated for the most recently completed three-month period, up to a maximum of $500,000; or (2) if the licensee's tangible net worth exceeds 10 percent of total assets, then the licensee shall maintain a surety bond of $100,000. (c) A licensee that maintains a bond in the maximum amount provided for in subsection (b), as applicable, is not required to calculate its average daily money transmission liability in this state for purposes of § 23-55-702 . (d) A licensee may exceed the maximum required bond amount under § 23-55-702(a)(6) . Amended by Act 2023, No. 442,§ 4, eff. 8/1/2023. Amended by Act 2019, No. 111,§ 2, eff. 7/24/2019. Amended by Act 2017, No. 620,§ 1, eff. 8/1/2017. Amended by Act 2013, No. 531,§ 5, eff. 8/16/2013. Acts 2007, No. 1595, § 1; 2009, No. 486, § 9; 2011, No. 733, § 4. (a) An applicant for a money transmission license shall provide, and a licensee at all times shall maintain, security consisting of a surety bond in a form satisfactory to the Securities Commissioner. (b) The amount of the required security under this section shall be: (1) the greater of $100,000 or an amount equal to 100 percent of the licensee's average daily money transmission liability in this state, calculated for the most recently completed three-month period, up to a maximum of $500,000; or (2) if the licensee's tangible net worth exceeds 10 percent of total assets, then the licensee shall maintain a surety bond of $100,000. (c) A licensee that maintains a bond in the maximum amount provided for in subsection (b), as applicable, is not required to calculate its average daily money transmission liability in this state for purposes of § 23-55-702 . (d) A licensee may exceed the maximum required bond amount under § 23-55-702(a)(6) . Amended by Act 2023, No. 442,§ 4, eff. 8/1/2023. Amended by Act 2019, No. 111,§ 2, eff. 7/24/2019. Amended by Act 2017, No. 620,§ 1, eff. 8/1/2017. Amended by Act 2013, No. 531,§ 5, eff. 8/16/2013. Acts 2007, No. 1595, § 1; 2009, No. 486, § 9; 2011, No. 733, § 4. (a) An applicant for a money transmission license shall provide, and a licensee at all times shall maintain, security consisting of a surety bond in a form satisfactory to the Securities Commissioner. (b) The amount of the required security under this section shall be: (1) the greater of $100,000 or an amount equal to 100 percent of the licensee's average daily money transmission liability in this state, calculated for the most recently completed three-month period, up to a maximum of $500,000; or (2) if the licensee's tangible net worth exceeds 10 percent of total assets, then the licensee shall maintain a surety bond of $100,000. (1) the greater of $100,000 or an amount equal to 100 percent of the licensee's average daily money transmission liability in this state, calculated for the most recently completed three-month period, up to a maximum of $500,000; or (2) if the licensee's tangible net worth exceeds 10 percent of total assets, then the licensee shall maintain a surety bond of $100,000. (c) A licensee that maintains a bond in the maximum amount provided for in subsection (b), as applicable, is not required to calculate its average daily money transmission liability in this state for purposes of § 23-55-702 . (d) A licensee may exceed the maximum required bond amount under § 23-55-702(a)(6) . Acts 2007, No. 1595, § 1; 2009, No. 486, § 9; 2011, No. 733, § 4.
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