§ 6-1228 — Surety bond

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.