HAR §16-24-22. Amount of bond or security device

(a) Subject to subsection (b), each application shall be accompanied by a surety bond, irrevocable letter of credit, or other similar security device acceptable to the commissioner in an amount no less than $1,000. (b) The commissioner may increase the amount of the bond or security device required, to a maximum of $500,000, on the basis of criteria determined by the commissioner to be relevant, including but not limited to: (1) The amount by which the daily average of outstanding instruments of an applicant exceeds the amount of its permissible investments, if any; (2) The applicant's net worth; and (3) The applicant's volume of transactions expressed as a dollar amount. [Eff 7/23/07] (Auth: HRS §§489D-7, 489D-33, 489D-34) (Imp: HRS §§489D-2, 489D-7, 489D-8, 489D-11) 24-8