Hawaii Administrative Rules
Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
Chapter 24 - MONEY TRANSMITTERS
Subchapter 4 - BONDS
Section 16-24-22 - Amount of bond or security device
Universal Citation: HI Admin Rules 16-24-22
Current through February, 2024
(a) Subject to subsection (b), each application shall be accompanied by a surety bond, irrevocable letter of credit, or other similar security device acceptable to the commissioner in an amount no less than $1,000.
(b) The commissioner may increase the amount of the bond or security device required, to a maximum of $500,000, on the basis of criteria determined by the commissioner to be relevant, including but not limited to:
(1) The amount by which the daily
average of outstanding instruments of an applicant exceeds the amount of its
permissible investments, if any;
(2) The applicant's net worth; and
(3) The applicant's volume of transactions
expressed as a dollar amount.
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