51A-17-9. Security after licensee ceases operations. The security device shall remain in place for five years after the licensee ceases money transmission operations in the state. However, the director may permit the security device to be reduced or eliminated prior to that time to the extent that the amount of the licensee's payment instruments outstanding in this state are reduced. The director may also permit a licensee to substitute a letter of credit or other form of security device acceptable to the director for the security device in place at the time the licensee ceases money transmission operations in the state.
Source: SL 2008, ch 253, § 9.
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