Ga. Comp. R. & Regs. R. 80-3-2-.03 - Surety Bond

If a licensee's average daily money transmission liability, as calculated by the licensee for each calendar quarter, exceeds the amount of the licensee's surety bond by more than ten percent (10%), the licensee must promptly, which in no event shall be later than twenty (20) days after such calculation, provide additional coverage to fully account for the increase in average daily money transmission liability pursuant to O.C.G.A. § 7-1-683.2(b)(2). However, notwithstanding the above, the amount of the surety bond required by O.C.G.A. § 7-1-683.2(b)(2) shall not be required to exceed $2,000,000.00.

Notes

Ga. Comp. R. & Regs. R. 80-3-2-.03

O.G.G.A. §§ 7-1-61, 7-1-683.2, 7-1-690.

Original Rule entitled "Surety Bond" adopted. F. Dec. 16, 2021; eff. Jan. 5, 2022. Amended: F. July 7, 2023; eff. July 27, 2023.