9-513b.   Money transmitter; permissible investments;requirements.(a) Each licensee under this act shall at all times possesspermissible investments having an aggregate market value, calculated inaccordance with generally accepted accounting principles, of not less than theaggregate amount of all outstanding payment instruments issued or sold by thelicensee in the United States. This requirement may be waived by thecommissioner if the dollar volume of a licensee's outstanding paymentinstruments does not exceed the bond or other security devices posted by thelicensee pursuant to K.S.A. 9-509, and amendments thereto.

      (b)   Permissible investments shall be deemed by operation of law to be held intrust for the benefit of the purchasers and holders of the licensee'soutstanding payment instruments in the event of the bankruptcy of the licenseeeven if such permissible investments are commingled with other assets of thelicensee.

      History:   L. 2006, ch. 113, § 3; July 1.