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2025 Kansas Statutes
Chapter 9 - Banks And Banking; Trust Companies
Article 5 - Miscellaneous Provisions
9-587 Surety bond or other required security.

Universal Citation:
KS Stat § 9-587 (2025)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
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9-587. Surety bond or other required security.
(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. 2025 Supp. 9-589, and amendments thereto.

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

History: L. 2024, ch. 64, ยง 33; July 1.

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