Section 6100-S - Surety bondSurety bond requirements are governed by this section. [2023, c. 662, §2 (NEW).]
1.Security. 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 administrator or, with the administrator's approval, a deposit instead of a bond in accordance with this section. [2023, c. 662, §2 (NEW).]
2.Amount. The amount of the required security is $100,000. [2023, c. 662, §2 (NEW).]
3.Exceeding maximum required bond amount. A licensee may exceed the maximum required bond amount pursuant to section 6100-T, subsection 1. [2023, c. 662, §2 (NEW).]
Added by 2024, c. 662,§ 2, eff. 8/9/2024.