{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-2108","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-2108","heading":"Surety bond or irrevocable letter of credit","body":"Each approved applicant shall furnish a corporate surety bond in\n\nthe principal sum of One Hundred Thousand Dollars ($100,000.00) for\n\none (1) to fifteen (15) locations within this state at which checks\n\nof the licensee are issued or sold, Two Hundred Fifty Thousand\n\nDollars ($250,000.00) for sixteen (16) to five hundred (500)\n\nlocations within this state at which checks of the licensee are\n\nissued or sold, One Million Dollars ($1,000,000.00) for five hundred\n\none (501) to eight hundred (800) locations within this state at\n\nwhich checks of the licensee are issued or sold, or One Million Five\n\nHundred Thousand Dollars ($1,500,000.00) for over eight hundred\n\n(800) locations, within this state at which checks of the licensee\n\nare issued or sold, but in no event shall the bond be required to be\n\nin excess of One Million Five Hundred Thousand Dollars\n\n($1,500,000.00). A licensee may furnish a bond in the maximum\n\namount required by this section, or deposit securities equal to such\n\namount as provided in subsection (b) of Section 2109 of this title,\n\neven though the locations in this state at which checks of the\n\nlicensee are issued or sold do not total a number requiring a bond\n\nor a deposit of securities in such maximum amount. Each application\n\nfor a license or for the renewal of a license shall be accompanied\n\nby a list of the locations, including agencies, at which the\n\napplicant engages in the business of selling checks in this state.\n\nThe bond shall be conditioned that the obligor will faithfully\n\nconform to and abide by the provisions of this act and will honestly\n\nand faithfully apply all funds received and perform all obligations\n\nand undertakings for exchange issued and sold under this act and\n\nwill pay to the state and to any person entitled thereto all money\n\nthat becomes due and owing to the state or to such person under the\n\nprovisions of this act because of any checks or exchange issued or\n\nsold in this state by such licensee. The bond shall remain in force\n\nand effect until canceled by the surety, which cancellation may be\n\nhad only upon thirty (30) days' written notice to the Commissioner.\n\nSuch cancellation shall not affect any liability incurred or accrued\n\nprior to the termination of such thirty-day period.\n\nIn lieu of the corporate surety bond required herein, the\n\nCommissioner may in his discretion permit an approved applicant to\n\nfurnish an irrevocable letter of credit from a bank approved in\n\nwriting by the Commissioner in the same amount as would be required\n\nfor a corporate surety bond. A new irrevocable letter of credit\n\nfrom a qualifying bank would be required within fifteen (15) days if\n\nthe bank originally issuing the irrevocable letter of credit refuses\n\nto continue the letter of credit or is otherwise notified by the\n\nCommissioner that the original bank is no longer qualified to issue\n\na letter of credit for the purposes described in this section.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"fb93c3c38eb954bb5da615019dcbc282ee4fb92044f5c7dec64cd7dd7b94f1c6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-2107","next":"us-ok/okla.-stat.-tit.-6-6-2109"},"notice":"GroundRules: Original legal text. Not legal advice."}