South Dakota § 51A-17-100 Surety bond--Amount of surety bond required.

South Dakota Statutes

§ 51A-17-100 — Surety bond--Amount of surety bond required.

South Dakota·Title 51A BANKS AND BANKING·Ch. 51A-16 MONEY TRANSMISSION

(1)An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond in a form satisfactory to the director or, with the director's approval, a deposit instead of a bond in accordance with this section.

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

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

(3)A li

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(1) An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond in a form satisfactory to the director or, with the director's approval, a deposit instead of a bond in accordance with this section. (2) The amount of the required security shall be: (a) 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 (b) In the event that the licensee's tangible net worth exceeds ten percent of total assets, the licensee shall maintain a surety bond of one hundred thousand dollars. (3) A licensee that maintains a bond in the maximum amount provided for in subsection 2(a) or (b) of this section, as applicable, shall not be required to calculate its average daily money transmission liability in this state for purposes of this section. (4) A licensee may exceed the maximum required bond amount pursuant to subdivision 51A-17-102 (5).

South Dakota § 51A-17-100 (Surety bond--Amount of surety bond required.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.