Massachusetts § 2 - Bond; amount; condition

§ 2. Bond; amount; condition

[Text of section effective until January 1, 2026. Repealed by 2024, 312, Sec. 2. See 2024, 312, Sec. 5.]

Section 2. Every person subject to section one, before engaging or becoming financially interested or continuing to engage or be financially interested in the business of receiving deposits of money for the purpose of transmitting the same or equivalents thereof to foreign countries, shall make, execute and deliver to the state treasurer a bond in a sum equal to twice the average weekly amount of money or equivalents thereof transmitted to foreign countries by such person, as determined by the commissioner of banks, hereinafter called the commissioner, but in no event shall the sum of the bond be less than fifty thousand dollars; provided, however, that a person carrying on business at more than one location need post only one such bond which shall be in the sum of fifty thousand dollars or twice the average total weekly amount of money or equivalents thereof transmitted to foreign countries from all locations, whichever is greater; and, provided further, that the sum of such bond shall be increased on order of the commissioner at any time to such amount as shall be shown by examination to be necessary. Such bond shall be conditioned upon the faithful holding and transmission of any money or equivalents thereof which shall have been delivered to such person for transmission to a foreign country and, in the event of the insolvency or bankruptcy of the principal, upon the payment of the full amount of such bond to the assignee, receiver or trustee of the principal, as the case may require, for the benefit of such persons as shall have delivered money or equivalents thereof to said principal for the purpose of transmitting the same to a foreign country.