Sec. 1002. (a) An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond in a form satisfactory to the director.
(b) Subject to subsections (c) and (d), the amount of the required security under this section is the greater of:
(1) three hundred thousand dollars ($300,000); or
(2) an amount equal to the licensee's average daily money transmission liability in Indiana calculated for the most recently completed calendar quarter, up to a maximum of five hundred thousand dollars ($500,000).
(c) A licensee that maintains a bond in the maximum amount of five hundred thousand dollars ($500,000) set forth in subsection (b)(2) is not required to calculate the licensee's average daily money transmission liability in Indiana for purposes of this section.
(d) A licensee may exceed the maximum required bond amount pursuant to section 1004(a)(5) of this chapter.