Iowa Code 533C.802 – Surety bond
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Terms Used In Iowa Code 533C.802
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
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 the superintendent.
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 money transmission liability in this state calculated for the most recently completed three-month period, 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 state for 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, §33
Referred to in §533C.307, 533C.401, 533C.804
Section stricken and rewritten
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 superintendent.
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 money transmission liability in this state calculated for the most recently completed three-month period, 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 state for 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, §33
Referred to in §533C.307, 533C.401, 533C.804
Section stricken and rewritten