Skip to main content
Find a Lawyer

Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-55-204. Surety bonds

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) 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 Securities Commissioner.

(b) The amount of the required security under this section shall be:

(1) the greater of $100,000 or an amount equal to 100 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; or

(2) if the licensee's tangible net worth exceeds 10 percent of total assets, then the licensee shall maintain a surety bond of $100,000.

(c) A licensee that maintains a bond in the maximum amount provided for in subsection (b), as applicable, is not required to calculate its average daily money transmission liability in this state for purposes of § 23-55-702.

(d) A licensee may exceed the maximum required bond amount under § 23-55-702(b)(6).

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-55-204. Surety bonds - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-55-204/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard