"Surety Bond Form" - Arkansas

Surety Bond Form is a legal document that was released by the Arkansas Securities Department - a government authority operating within Arkansas.

Form Details:

  • Released on March 1, 2020;
  • The latest edition currently provided by the Arkansas Securities Department;
  • Ready to use and print;
  • Easy to customize;
  • Compatible with most PDF-viewing applications;

Download a fillable version of the form by clicking the link below or browse more documents and templates provided by the Arkansas Securities Department.

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Download "Surety Bond Form" - Arkansas

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ARKANSAS SECURITIES DEPARTMENT
1 COMMERCE WAY, SUITE 402
LITTLE ROCK, ARKANSAS 72202
UNIFORM MONEY SERVICES ACT
SURETY BOND FORM
Bond Number: ______________________________________
THIS SURETY BOND is given by the following SURETY:
Name
Home Office Address
City, State Zip
And the following PRINCIPAL:
Name
License Address
City, State and Zip
SURETY is an entity licensed to transact surety business in the State of Arkansas.
PRINCIPAL, pursuant to the Uniform Money Services Act [Ark. Code Ann. § 23-55-101 et
seq.](“Act”), has made application to, or is currently licensed by, the Arkansas Securities
Commissioner (“Commissioner”) to engage in the business of Money Transmission.
SURETY ensures that the PRINCIPAL’S obligations will be performed and acknowledges their
indebtedness to any person having a claim pursuant to a cause of action brought against the
PRINCIPAL under the Act. As required by the Act and Money Services Rules (“Rules”), this
surety bond (“Bond”) in lawful money of the United States, the payment of which the
PRINCIPAL and SURETY jointly and severally bind themselves, their successors, assigns, and
legal representatives, to secure the faithful performance of the obligations of the PRINCIPAL for
its conduct and that of its officers and employees under the Act, shall be in an amount based on
ARKANSAS SECURITIES DEPARTMENT
1 COMMERCE WAY, SUITE 402
LITTLE ROCK, ARKANSAS 72202
UNIFORM MONEY SERVICES ACT
SURETY BOND FORM
Bond Number: ______________________________________
THIS SURETY BOND is given by the following SURETY:
Name
Home Office Address
City, State Zip
And the following PRINCIPAL:
Name
License Address
City, State and Zip
SURETY is an entity licensed to transact surety business in the State of Arkansas.
PRINCIPAL, pursuant to the Uniform Money Services Act [Ark. Code Ann. § 23-55-101 et
seq.](“Act”), has made application to, or is currently licensed by, the Arkansas Securities
Commissioner (“Commissioner”) to engage in the business of Money Transmission.
SURETY ensures that the PRINCIPAL’S obligations will be performed and acknowledges their
indebtedness to any person having a claim pursuant to a cause of action brought against the
PRINCIPAL under the Act. As required by the Act and Money Services Rules (“Rules”), this
surety bond (“Bond”) in lawful money of the United States, the payment of which the
PRINCIPAL and SURETY jointly and severally bind themselves, their successors, assigns, and
legal representatives, to secure the faithful performance of the obligations of the PRINCIPAL for
its conduct and that of its officers and employees under the Act, shall be in an amount based on
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the money transmission activity in Arkansas of the PRINCIPAL during the previous year as set
forth below:
(Check only one box in the left column and the corresponding box in the right column)
Prior Year Activity
Surety Bond Amount
Less than or equal to $500,000
$10,000
Between $500,001 & $5,000,000
$50,000
Between $5,000,001 & $25,000,000
$100,000
Between $25,000,001 & $75,000,000
$200,000
Over $75,000,000
$300,000
*
The Commissioner my require a surety bond
Up to $1,000,000
of up to $1,000,000, based on the financial
condition of the money transmitter licensee.
The aggregate liability hereunder to all persons shall not exceed the amount specified for the
bond, regardless of the number of claimants, and shall not be construed as individual liability.
Liability becomes effective upon the following conditions: 1. Registration of the PRINCIPAL to
engage in the business of Money Transmission in the State of Arkansas; and 2. Failure by the
PRINCIPAL to strictly comply with all applicable provisions of the Act and Rules.
If the PRINCIPAL fully complies with the provisions of the Act and Rules, and pays and
discharges all amounts owed upon any judgment or order obtained in any court of competent
jurisdiction by any person or persons who may be injured or damaged by the PRINCIPAL while
engaging in the business of Money Transmission, including judgments in suits for the
misappropriation of any funds paid into or deposited with the PRINCIPAL, this bond shall be null
and void; otherwise, this bond shall be and remain in full force and effect.
This Bond shall expire at such time as the license of the PRINCIPAL is withdrawn, terminates
through non-renewal, or is revoked by the Commissioner, except as to liability for acts or
omissions which occur prior to such time. This Bond may also be cancelled by the SURETY
upon sixty (60) days prior written notice by registered mail to the PRINCIPAL and to the
Commissioner, in which case this Bond shall be considered cancelled upon the expiration of said
sixty (60) day period, except as to liability for acts or omissions which occur prior to the date of
cancellation. Notice shall be deemed effective upon the receipt by the Commissioner of said
written notice along with sufficient proof of notice to the PRINCIPAL.
This Bond shall cover claims for a period of at least five years from the point in time a liability or
violation of the Act or Rules occurs. No suit may be maintained to enforce any liability arising
under this Bond unless brought within five years after the act or omission upon which jurisdiction
is established against the PRINCIPAL and/or the SURETY upon this Bond. In no event shall the
Page 3
total liability of the SURETY, to all persons, cumulative or otherwise, exceed the amount specified
in this Bond. It is understood and agreed that any person(s) having a claim under the conditions of
this obligation may initiate suit in any court of competent jurisdiction against the PRINCIPAL
and/or the SURETY upon this Bond.
WITNESS OUR SIGNATURES on this _____ day of ___________________, 20____.
PRINCIPAL: ___________________________________________
BY: ___________________________________________
TITLE: ___________________________________________
SURETY: ___________________________________________
BY: ___________________________________________
TITLE: ___________________________________________
NOTE: Persons executing for SURETY other than corporate officers must attach a Power of Attorney.
Revised March 2020
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