Arkansas money transmitter surety bond rules will see some major changes starting from May 2019. Surety bonds are essential for any money transmitter when getting licensed in any US state.
The new Senate bill, which was adopted in February, is now called Act 111. It introduces changes to the Uniform Money Services Act. These changes will include new methods of calculating the surety bond amounts and other related factors.
A money transmitter license bond is meant to ensure that a licensee will follow all the regulations and rules and minimize any problems. The Arkansas money transmitter surety bond changes will come into effect from May and any firms or companies that violate them will be liable to fines etc.