533C.802 Surety bond. 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 thesuperintendent. 2. The amount of the required security shall be the greater of one hundred thousand dollars or an amount equal to one hundred percent of the licensee’s average daily moneytransmission liability in this state calculated for the most recently completed three-monthperiod, up to a maximum of five hundred thousand dollars. 3. A licensee that maintains a bond in the maximum amount provided for in subsection 2 shall not be required to calculate its average daily money transmission liability in this statefor purposes of this section. 4. A licensee may exceed the maximum required bond amount pursuant to section 533C.804, subsection 1, paragraph 'l'. 2003 Acts, ch 96, §34, 42; 2023 Acts, ch 83, §33Referred to in §533C.307, 533C.401, 533C.804Section stricken and rewritten Sat Dec 23 01:37:08 2023 Iowa Code 2024, Section 533C.802 (17, 1)
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