Missouri § 361.1002 - Surety bond.
Full text of Missouri Revised Statutes of Missouri § 361.1002 — Surety bond., with citation guidance and answers to common questions.
§ 361.1002. 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 director.
2. The amount of the required security shall be:
(1) 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; or
(2) In the event that the licensee's tangible net worth exceeds ten percent of the total assets, a surety bond of one hundred thousand dollars.
3. A licensee that maintains a bond in the maximum amount provided for in subsection 2 of this section shall not be required to calculate its average daily money transmission liability in this state for purposes of this section.
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(L. 2024 S.B. 1359)
---- end of effective 28 Aug 2024 ----
Frequently Asked Questions About Missouri § 361.1002
What does Revised Statutes of Missouri § 361.1002 cover?
Section 361.1002 ("Surety bond.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 361.1002?
A common citation format is "Revised Statutes of Missouri § 361.1002" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 361.1002 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.