6-1228. Surety bond
162 words·~1 min read·
/az/title-6/6-1228A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. An applicant for a money transmission license must provide and a licensee at all times must maintain a surety bond in a form satisfactory to the director.
B. Except as provided in subsection C of this section, the amount of the required security shall be the greater of $25,000 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 $500,000.
C. If a licensee's tangible net worth exceeds ten percent of total assets, the licensee may maintain a surety bond of $25,000.
D. A licensee that maintains a bond in the maximum amount provided for in subsection B of this section is not required to calculate the licensee's average daily money transmission liability in this state for purposes of this section.
E. A licensee may exceed the maximum required bond amount pursuant to section 6-1230, subsection A, paragraph 6.