Section 28-8-4.1-1002 - Surety bond; amount of required security(a) 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.(b) Subject to subsections (c) and (d), the amount of the required security under this section is the greater of:(1) three hundred thousand dollars ($300,000); or(2) an amount equal to the licensee's average daily money transmission liability in Indiana calculated for the most recently completed calendar quarter, up to a maximum of five hundred thousand dollars ($500,000).(c) A licensee that maintains a bond in the maximum amount of five hundred thousand dollars ($500,000) set forth in subsection (b)(2) is not required to calculate the licensee's average daily money transmission liability in Indiana for purposes of this section.(d) A licensee may exceed the maximum required bond amount pursuant to section 1004(a)(5) of this chapter.Added by P.L. 198-2023,SEC. 4, eff. 1/1/2024.