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Kansas Statutes Chapter 9. Banks and Banking; Trust Companies § 9-587. Surety bond or other required security

Current as of January 01, 2025 | 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 commissioner or, with the commissioner's approval, a deposit instead of a bond in accordance with this section.

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

(1) The greater of $200,000 or an amount equal to 100% of the licensee's average daily money transmission liability in Kansas calculated for the most recently completed three-month period, up to a maximum of $1,000,000; or

(2) $200,000, if the licensee's tangible net worth exceeds 10% of total assets.

(c) A licensee that maintains a bond in the maximum amount provided for in subsection (b) shall not be required to calculate its average daily money transmission liability in Kansas for purposes of this section.

(d) A licensee may exceed the maximum required bond amount pursuant to K.S.A. 9-589, and amendments thereto.

(e) This section shall take effect on and after January 1, 2025.

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Cite this article: FindLaw.com - Kansas Statutes Chapter 9. Banks and Banking; Trust Companies § 9-587. Surety bond or other required security - last updated January 01, 2025 | https://codes.findlaw.com/ks/chapter-9-banks-and-banking-trust-companies/ks-st-sect-9-587/

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