75-15-25 - Limitation on outstanding checks. - Mississippi Statutes

§ 75-15-25. Limitation on outstanding checks.
 

Whenever the bond or securities deposit required under Section 75-15-11 of this chapter is less than Two Hundred Fifty Thousand Dollars ($250,000.00), the licensee may not at any time have outstanding checks, issued in his business of selling checks as a service or for a fee or other consideration, in excess of the bond or securities deposit required of him under Section 75-15-11 of this chapter, and such licensee shall, pursuant to rules and regulations promulgated by the commissioner under this chapter, submit a written report to the commissioner on the last business day of each month regarding his checks outstanding, whether issued by himself or through agents, provided that this limitation shall be the principal sum of the bond or the market value of the securities deposit required of the licensee under Section 75-15-11 of this chapter and the sum of this limitation shall not be increased by any bond or securities deposit increase required by the commissioner under Section 75-15-29 of this chapter or by deposit of any revocation order, suspension bond, or securities deposit under Section 75-15-27 of this chapter. 
 

Sources: Codes, 1942, § 5131-13; Laws,  1966, ch. 257, § 13; Laws, 2006, ch. 354, § 2, eff from and after passage (approved Mar. 13, 2006.)