Arizona § 6-1228 Surety bond

Arizona Statutes

§ 6-1228 — Surety bond

Arizona § 6-1228

Title 6Arizona Revised Statutes

Ch. 12TRANSMITTERS OF MONEY

Art. 1Money Transmission

This text of Arizona § 6-1228 (Surety bond) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 6-1228 (2026).

Text

A.An applicant for a money transmission license must provide and a licensee at all times must maintain a surety bond in a form satisfactory to the director.

B.Except as provided in subsection C of this section, the amount of the required security shall be the greater of $25,000 or an amount equal to one hundred 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.

C.If a licensee's tangible net worth exceeds ten percent of total assets, the licensee may maintain a surety bond of $25,000.

D.A licensee that maintains a bond in the maximum amount provided for in subsection B of this section is not required to calculate the licensee's average daily money transmission

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A. An applicant for a money transmission license must provide and a licensee at all times must maintain a surety bond in a form satisfactory to the director.

B. Except as provided in subsection C of this section, the amount of the required security shall be the greater of $25,000 or an amount equal to one hundred 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.

C. If a licensee's tangible net worth exceeds ten percent of total assets, the licensee may maintain a surety bond of $25,000.

D. A licensee that maintains a bond in the maximum amount provided for in subsection B of this section is not required to calculate the licensee's average daily money transmission liability in this state for purposes of this section.

E. A licensee may exceed the maximum required bond amount pursuant to section 6-1230, subsection A, paragraph 6.