361.718. Reserve required--director may demand proof, when. - Missouri Statutes

Reserve required--director may demand proof, when.

361.718. Every licensee shall at all times have on demanddeposit in a federally insured depository institution or in theform of cash on hand or in the hands of his agents or in readilymarketable securities an amount equal to all outstanding unpaidchecks sold by him or his agents in Missouri, in addition to theamount of his bond. Upon demand by the director, licensees mustimmediately provide proof of such funds or securities. Thedirector may make such demand as often as reasonably necessaryand shall make such demand to each licensee, without priornotice, at least twice each license year.

(L. 1984 H.B. 1374 § 9)