Financial Institutions

CHAPTER 19-14.3
Sale of Checks and Electronic Money Transfers [Effective until January 1, 2020]

SECTION 19-14.3-2

§ 19-14.3-2. Securities in lieu of bonds.

In lieu of the required surety bond or bonds, or of any portion as required by chapter 14, the applicant may deposit with the director, or the director's designee, with the financial institutions, credit unions, or national banks in this state that the applicant may designate and the director, or the director's designee, may approve, United States government/agency obligation or state obligations, to an aggregate amount, based upon principal amount or market value, whichever is lower, of not less than the amount of the required surety bond. The securities shall be deposited and held to secure the same obligations as would the surety bond, but the licensee shall be entitled to receive all interest and dividends thereon, shall have the right, with the approval of the director, or the director's designee, to substitute other securities for those deposited, and shall be required to substitute securities on the written order of the director, or the director's designee.

History of Section.
(P.L. 1995, ch. 82, § 55.)