Any provision in this chapter to the contrary notwithstanding, the commissioner may at any time, if in his sole opinion the protection of the public so requires, increase the principal sum of the bond or the aggregate market value of the deposit required of any applicant or licensee by Section 75-15-11 but in no case shall the principal sum of the bond or the aggregate market value of the deposit required by Section 75-15-11 exceed Five Hundred Thousand Dollars ($500,000.00) and provided further, that in any situation, where a revocation order has been issued and the licensee involved has posted the additional bond required under Section 75-15-27, for suspension thereof, pending final determination, the commissioner may for the same reasons require the principal sum of the additional, suspension bond to be increased but in no case shall the principal sum thereof exceed Two Hundred Fifty Thousand Dollars ($250,000.00), and provided further that if the licensee originally deposited with his application under Section 75-15-11 a corporate surety bond, the additional increase provided in this section must be by another corporate surety bond or an increase of the first one, written by the same corporate surety that wrote the first one and may not be a deposit of securities or if the licensee originally deposited securities, the additional increase shall also be of securities and not a corporate surety bond.
Miss. Code Ann. § 75-15-29
Bond increase
Known as the Mississippi Money Transmitters Act
The act spans §§ 75–75 (20 sections).
Codes, 1942, § 5131-15; Laws, 1966, ch. 257, § 15; Laws, 1995, ch. 373, § 6; Laws, 2010, ch. 448, § 14, eff from and after July 1, 2010.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.