9-513b. Money transmitter; permissible investments; requirements.
9-513b
9-513b. Money transmitter; permissible investments;
requirements.
(a) Each licensee under this act shall at all times possess
permissible investments having an aggregate market value, calculated in
accordance with generally accepted accounting principles, of not less than the
aggregate amount of all outstanding payment instruments issued or sold by the
licensee in the United States. This requirement may be waived by the
commissioner if the dollar volume of a licensee's outstanding payment
instruments does not exceed the bond or other security devices posted by the
licensee pursuant to K.S.A. 9-509, and amendments thereto.
(b) Permissible investments shall be deemed by operation of law to be held in
trust for the benefit of the purchasers and holders of the licensee's
outstanding payment instruments in the event of the bankruptcy of the licensee
even if such permissible investments are commingled with other assets of the
licensee.
History: L. 2006, ch. 113, § 3; July 1.