{"data":{"id":"us-ks/k.s.a.-9-587","jurisdiction":"us-ks","citation":"K.S.A. 9-587","heading":"Surety bond or other required security.","body":"(a) 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 commissioner or, with the commissioner's approval, a deposit instead of a bond in accordance with this section.\n(b) The amount of the required security shall be:\n(1) The greater of $200,000 or an amount equal to 100% of the licensee's average daily money transmission liability in Kansas calculated for the most recently completed three-month period, up to a maximum of $1,000,000; or\n(2) $200,000, if the licensee's tangible net worth exceeds 10% of total assets.\n(c) A licensee that maintains a bond in the maximum amount provided for in subsection (b) shall not be required to calculate its average daily money transmission liability in Kansas for purposes of this section.\n(d) A licensee may exceed the maximum required bond amount pursuant to K.S.A. 2025 Supp. 9-589, and amendments thereto.\n(e) This section shall take effect on and after January 1, 2025.","path":["Chapter 9.—BANKS AND BANKING; TRUST COMPANIES","Article 5.—MISCELLANEOUS PROVISIONS"],"source_url":"https://www.ksrevisor.gov/statutes/chapters/ch09/009_005_0087.html","current_through":"2025 legislative session","vintage":"","retrieved_at":"2026-09-04T15:10:03Z","sha256":"6c73d5f78132367964d60af70791116873f4942266c22675b4cc7fd5fa38c883","source_id":"us-ks","stale":false,"prev":"us-ks/k.s.a.-9-586","next":"us-ks/k.s.a.-9-588"},"notice":"GroundRules: Original legal text. Not legal advice."}