SECURITY FOR CURRENCY EXCHANGE LICENSEE

(a) A currency exchange licensee shall at all times maintain security in the amount applicable to the licensee under this section consisting of a surety bond in a form satisfactory to the commissioner. The security must satisfy the requirements of and is subject to Section 152.354. With the commissioner's approval, a currency exchange licensee may maintain a deposit in lieu of a bond under this section. (b) A currency exchange licensee shall maintain security in the amount of $2,500 if the licensee conducts business with persons located in this state exclusively at one or more physical locations through in-person, contemporaneous transactions. (c) Except as provided by Subsection (e), if Subsection (b) does not apply to a currency exchange licensee, the licensee shall maintain security in an amount not less than the greater of: (1) $2,500; or (2) an amount equal to one percent of the licensee's total dollar volume of currency exchange business in this state for the preceding year. (d) For purposes of demonstrating prospective compliance with this section under Section 152.107(c), an applicant for a currency exchange license may use the applicant's projected total dollar volume of currency exchange business in this state for the first year of licensure to determine the amount under Subsection (c)(2). (e) The maximum amount of security that may be required under this section is $1 million.