Mississippi has passed a new law for Money transmitters effective 7/1-10. This new law S 2652 will require a surety bond in the amount of $25,000 or an amount equal to the amount of outstanding money transmissions. Luckily for money transmitters there is a money transmitter bond cap, but the bond cap has been raised. The old surety bond cap was set at $250,000 the new bond cap is now set at $1,000,000. The new law was approved by the Governor on 3/29/10
Tags: Mississippi surety, Money Transmitters bond, surety bond
