1. (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 banking board or, with the board's approval, a deposit instead of a bond in accordance with this section.
2. (2) The amount of the required security is the greater of two hundred fifty 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 one million dollars.
3. (3) A licensee that maintains a bond in the maximum amount provided for in subsection (2) of this section is not required to calculate its average daily money transmission liability in this state for purposes of this section.

Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 404, § 1, effective August 6.