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Is there a bonding and/or security requirement?

April 26, 2017bonding requirement security

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Is there a bonding and/or security requirement?

2 Answers

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A. Yes. Financial Code Section 1811 requires that transmitters deposit with the State Treasurer cash or securities as security for the timely and proper delivery of transmission money. An insurance bond may be substituted for the cash or securities under Financial Code Section1812.

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A. Yes. Financial Code Section 1817(a) requires that transmitters deposit with the State Treasurer cash or securities as security for the timely and proper delivery of transmission money. A surety bond may be substituted for the cash or securities under Financial Code Section1817(c).