Colorado Statutes
§ 11-110-1002 — Surety bond
(1)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 banking board or, with the board's
approval, a deposit instead of a bond in accordance with this section.
(2)The amount of the required security is the greater of two hundred fifty
thousand dollars 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 one million dollars.
(3)A licensee that maintains a bond in the maximum amount provided for in
subsection (2) of this section is not required to calculate its average daily money
transmission liability in this state
Free access — add to your briefcase to read the full text and ask questions with AI
Colorado § 11-110-1002 (Surety bond) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 404, � 1,
effective August 6.
Nearby Sections
15
§ 11-10.5-101
Short title§ 11-10.5-102
Legislative declaration§ 11-10.5-103
Definitions§ 11-10.5-104
Applicability of article§ 11-10.5-105
Authority of banking board§ 11-10.5-107
Eligible collateral - uninsured public deposits§ 11-10.5-109
Verification of collateral held - reports required§ 11-10.5-110
Procedures when event of default occurs§ 11-10.5-112
Annual fees and assessments§ 11-101-101
Short title§ 11-101-102
Declaration of policy§ 11-101-201
Effect on existing banks§ 11-101-301
Application of code§ 11-101-302
No private right of action