(1) An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond issued by a bonding company or insurance company authorized to do business in the State of Mississippi and in a form satisfactory to the commissioner or, with the commissioner’s approval, a deposit instead of a bond in accordance with this section.
(2) The amount of the required security shall be the greater of One Hundred Thousand Dollars ($100,000.00) or an amount equal to one hundred percent (100%) of the licensee’s average daily money transmission liability in this state calculated for the most recently completed three-month period, up to a maximum of Five Hundred Thousand Dollars ($500,000.00). A licensee that maintains a bond in the maximum amount provided for in subsection (1) of this section or in this subsection, as applicable, shall not be required to calculate its average daily money transmission liability in this state for purposes of this section.
(3) A licensee may exceed the maximum required bond amount pursuant to Section 75-16-67(1)(e).
(4) The bond shall be in a form satisfactory to the commissioner and shall run to the state for the use and benefit of the Department of Banking and Consumer Finance and any claimants against the licensee or his agents to secure the faithful performance of the obligations of the licensee and his agents with respect to the receipt, handling, transmission and payment of money in connection with money transmissions in Mississippi.
(5) Any claimants against the licensee or his agents may themselves bring suit directly on the bond, or the Attorney General may bring suit thereon in behalf of those claimants, either in one (1) action or successive actions.
(6) The commissioner may increase the required amount of the bond or deposit upon the basis of the impaired financial condition of a licensee as evidenced by a reduction in net worth, financial losses or other relevant criteria.
(7) Any provision in this chapter to the contrary notwithstanding, the commissioner may at any time, if in the commissioner’s sole opinion the protection of the public so requires, increase the principal sum of the bond or deposit required of any applicant or licensee by this chapter but in no case shall the principal sum of the bond or deposit required exceed One Million Dollars ($1,000,000.00).