[§489D-8] Permissible investments and statutory trust. (a) A licensee, at all times, shall possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate amount of all outstanding payment instruments issued or sold by the licensee in the United States. This requirement may be waived by the commissioner if the dollar volume of a licensee's outstanding payment instruments does not exceed the bond or other security devices posted by the licensee pursuant to section 489D-7.
(b) Permissible investments, even if commingled with other assets of the licensee, shall be held in trust for the benefit of the purchasers and holders of the licensee's outstanding payment instruments in the event of the bankruptcy of the licensee. [L 2006, c 153, pt of §1]
Section: Previous 489d-2 489d-3 489d-4 489d-5 489d-6 489d-6.2 489d-7 489d-8 489d-9 489d-9.5 489d-10 489d-11 489d-12 489d-12.5 489d-13 NextLast modified: October 27, 2016