Arkansas § 23-55-204 Surety bonds

Arkansas Statutes

§ 23-55-204 — Surety bonds

Arkansas § 23-55-204

Title23

This text of Arkansas § 23-55-204 (Surety bonds) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 23-55-204 (2026).

Text

(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 t

Free access — add to your briefcase to read the full text and ask questions with AI

(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) .

Legislative History

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.