13-09.1-33. Surety bond

13-09.1-33. Surety bond 1. An applicant for a money transmission license must provide, and a licensee at all times must 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. 2. The amount of the required security must be: a. 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 b. In the event that the licensee's tangible net worth exceeds ten percent of total assets, the licensee shall maintain a surety bond of one hundred thousand dollars. 3. A licensee that maintains the maximum bond amount provided for in subdivision a of subsection 2 may not be required to calculate its average daily money transmission liability in this state for purposes of this section. 4. A licensee may exceed the maximum required bond amount pursuant to subdivision e of subsection 1 of section 13-09.1-35.