Mississippi has just passed S 2652 this new regulation effects all Money transmitters (Sellers of Checks). This new law is effective 7/01/10 and will require Money transmitters (Sellers of Checks) to obtain a Surety bond also know as a Money transmitter bond. The Bond amount will be set at $25,000 or an amount equal to the outstanding money transmissions. The previous bond amount had a cap at $250,000; the new bond cap is now set at $1,000,000.
Tags: mississippi surety bond, Money Transmitter Bond, surety bond
