Bill > LB186

This bill amends the Nebraska Money Transmitters Act to change the provisions relating to licensee surety bonds. Specifically, it: (1) Removes the requirement for an additional $5,000 bond for each location exceeding one where the applicant proposes to conduct money transmission, capping the total bond at $250,000; (2) Requires the licensee to maintain or increase its surety bond based on the total dollar amount of money transmitter transactions in the most recent four quarters, with bond amounts ranging from $100,000 to $250,000 depending on the transaction volume; (3) Allows the licensee to decrease the surety bond if the required amount is less than the current bond; and (4) Permits the licensee to substitute other forms of security, such as interest-bearing securities, for the surety bond. The bill also maintains the requirement for the surety bond to remain in effect for at least 5 years after the licensee ceases money transmission in the state.

Business and Industry

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=30982