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Can you summarize MORS 361.711?
Division of Finance and Powers of Director of Finance > Surety bond or irrevocable letter of credit required, costs, amount, special examinations.
Short Summary
This legal document pertains to the requirements for obtaining a license to engage in the sale or issuance of checks and the receipt of money for transmission. Applicants must provide a corporate surety bond or an irrevocable letter of credit to secure their obligations and cover costs incurred by the division in case of breach. The initial bond amount is set at $100,000, and upon license renewal, it is determined based on the licensee’s previous year’s outstanding balance or transmitted amount. If the director deems the bond inadequate, additional bond must be filed. The document also grants the director the authority to conduct special examinations of licensees, with the examination costs to be paid by the licensee. The specific penalties for non-compliance or violation of the document’s provisions are not mentioned.
Whom does it apply to?
Applicants for a license to sell or issue checks, receive money for transmission, or engage in related activities
What does it govern?
Surety bond or irrevocable letter of credit required, costs, amount, special examinations
What are exemptions?
No exemptions are mentioned
What are the Penalties?
Not specified
Jurisdiction
Missouri