8-2731. Surety bond.
220 words·~1 min read·
/ne/chapter-8/8-2731A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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 surety bond required by subsection
(1)of this section shall be 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. A licensee that maintains a bond in the maximum amount provided for in this subsection shall not be required to calculate its average daily money transmission liability in this state for purposes of this subsection.
(3)The surety bond required by subsection
(1)of this section shall remain in effect until cancellation, which may occur only after thirty days' written notice to the director. Cancellation shall not affect any liability incurred or accrued during the period the surety bond was in effect.
(4)Any claimant against the licensee may file a claim or bring suit directly on the surety bond required by subsection
(1)of this section. The director may also file a claim or bring suit on behalf of any claimant, either in one action or in successive actions.