2006 Kentucky Revised Statutes - .080   Bond to be maintained by licensee -- New or supplemental bond.  (Effective until October 1, 2006)

366.080 Bond  to  be  maintained  by  licensee -- New or supplemental bond. (Effective until October 1, 2006) After a license has been granted, the licensee shall maintain said bond or securities in the amount prescribed by KRS 366.060, as follows: (1)  Each licensee who does not have on file or deposit a bond or securities, as aforesaid, in the undiminished principal sum of $150,000, shall file quarterly reports with the department setting forth the locations at which he sells checks in this state as of January 1, April 1, July 1, and October 1 in each year, the report for each such date being due on or before the 15th day thereafter. Within ten (10) days following the filing of such a report, the principal sum of the bond or securities shall be increased to reflect any increase in the number of locations, and may be decreased to reflect any decrease in the number of locations. (2)  If the commissioner shall at any time reasonably determine that the bond or securities aforesaid are insecure, deficient in amount, or exhausted in whole or part, he may by written order require the filing of a new or supplemental bond or the deposit of new or additional securities in order to secure compliance with this chapter, such order to be complied with within thirty (30) days following service thereof upon the licensee. History: Repealed 2006 Ky. Acts ch. 247, sec. 36, effective October 1, 2006. -- Created 1966 Ky. Acts ch. 226, sec. 9.