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Section 12206 Of Chapter 3. Licensing From California Financial Code >> Division 3. >> Chapter 3.
12206
. (a) If the applicant is to engage in the business of
receiving money for the purpose of paying bills, invoices or accounts
of an obligor, the applicant shall file with the commissioner
concurrently with its application for a license, a surety bond to be
approved by the commissioner, in which the applicant is the
principal, in the minimum amount of twenty-five thousand dollars
($25,000). A deposit given instead of the bond required by this
section shall not be deemed an asset of the applicant or licensee for
the purpose of complying with Section 12205.
(b) If the applicant is to engage in the business of check selling, the applicant shall file with the commissioner concurrently with its application for a license, a surety bond to be approved by the commissioner, in which the applicant is the principal, in the minimum amount of five hundred thousand dollars ($500,000). A deposit given instead of the bond required by this section shall not be deemed an asset of the applicant or licensee for the purpose of complying with Section 12205.
(b) If the applicant is to engage in the business of check selling, the applicant shall file with the commissioner concurrently with its application for a license, a surety bond to be approved by the commissioner, in which the applicant is the principal, in the minimum amount of five hundred thousand dollars ($500,000). A deposit given instead of the bond required by this section shall not be deemed an asset of the applicant or licensee for the purpose of complying with Section 12205.
