Kansas § 9-587 Surety bond or other required security

Kansas Statutes

§ 9-587 — Surety bond or other required security

Kansas § 9-587

Ch. 9BANKS AND BANKING; TRUST COMPANIES

Art. 5MISCELLANEOUS PROVISIONS

This text of Kansas § 9-587 (Surety bond or other required security) is published on Counsel Stack Legal Research, covering Kansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Kan. Stat. Ann. § 9-587 (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 commissioner or, with the commissioner's approval, a deposit instead of a bond in accordance with this section.

(b)The amount of the required security shall be:

(1)The greater of $200,000 or an amount equal to 100% of the licensee's average daily money transmission liability in Kansas calculated for the most recently completed three-month period, up to a maximum of $1,000,000; or

(2)$200,000, if the licensee's tangible net worth exceeds 10% of total assets.

(c)A licensee that maintains a bond in the maximum amount provided for in subsection (b) shall not be required to calculate its average daily money transmission

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(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 commissioner or, with the commissioner's approval, a deposit instead of a bond in accordance with this section.
(b) The amount of the required security shall be:
(1) The greater of $200,000 or an amount equal to 100% of the licensee's average daily money transmission liability in Kansas calculated for the most recently completed three-month period, up to a maximum of $1,000,000; or
(2) $200,000, if the licensee's tangible net worth exceeds 10% of total assets.
(c) A licensee that maintains a bond in the maximum amount provided for in subsection (b) shall not be required to calculate its average daily money transmission liability in Kansas for purposes of this section.
(d) A licensee may exceed the maximum required bond amount pursuant to K.S.A. 2024 Supp. 9-589, and amendments thereto.
(e) This section shall take effect on and after January 1, 2025.