Missouri § 361.1002 Surety bond.

Missouri Statutes

§ 361.1002 — Surety bond.

Missouri § 361.1002

Title XXIVBUSINESS AND FINANCIAL INSTITUTIONS

Ch. 361Division of Finance and Powers of Director of Finance

This text of Missouri § 361.1002 (Surety bond.) is published on Counsel Stack Legal Research, covering Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mo. Rev. Stat. § 361.1002 (2026).

Text

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 director. 2. The amount of the required security shall be:

(1)The greater of one hundred 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 five hundred thousand dollars; or

(2)In the event that the licensee's tangible net worth exceeds ten percent of the total assets, a surety bond of one hundred thousand dollars. 3. A licensee that maintains a bond in the maximum amount provided for in subsection 2 of this section shall not be required to calc

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

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 director.

2. The amount of the required security shall be:

(1) The greater of one hundred 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 five hundred thousand dollars; or

(2) In the event that the licensee's tangible net worth exceeds ten percent of the total assets, a surety bond of one hundred thousand dollars.

3. A licensee that maintains a bond in the maximum amount provided for in subsection 2 of this section shall not be required to calculate its average daily money transmission liability in this state for purposes of this section.