US Laws, Codes, Statutes & Cases

     53A.08 Bond. 

    Before a license may be issued to a currency exchange, the 
 applicant shall file annually with and have approved by the 
 commissioner a surety bond, issued by a bonding company 
 authorized to do business in this state in the principal amount 
 of $10,000.  The bond must run to the commissioner and is for 
 the benefit of creditors of the currency exchange for liability 
 incurred by the currency exchange on money orders issued or sold 
 by the currency exchange, for liability incurred by the currency 
 exchange for sums due to a payee or endorsee of a check, draft, 
 or money order left with the currency exchange for collection, 
 and for liability incurred by the currency exchange in 
 connection with providing currency exchange services.  The 
 commissioner may require a licensee to file a bond in an 
 additional amount if the commissioner considers it necessary to 
 meet the requirements of this section.  In determining the 
 additional amount of the bond which may be required, the 
 commissioner may require the licensee to file its financial 
 records, including all bank statements, pertaining to the sale 
 of money orders for the preceding 12-month period.  In no case 
 may the bond be less than the initial $10,000 or more than the 
 outstanding liabilities. 

    HIST: 1989 c 247 s 8; 1992 c 504 s 6 

Copyright 2005 by the Office of Revisor of Statutes, State of Minnesota.