In the interest of correctness I should point out that the half a million fee is not a fee but a bond. The state does not take it but it is kept in a trust for people that may be injured by the particular money transmission business that gets a license.
Thus, if a money transmission business steals someone's money you can sue them and when you win you can take your money from the 500,000 bond so you are sure they will not run out on you.
I am not sure whether it is a good law (I have not done enough research to figure that out), but I just wanted to clarify. The quora post made it look like the state was just greedy and taking all the money for themselves.
Thus, if a money transmission business steals someone's money you can sue them and when you win you can take your money from the 500,000 bond so you are sure they will not run out on you.
I am not sure whether it is a good law (I have not done enough research to figure that out), but I just wanted to clarify. The quora post made it look like the state was just greedy and taking all the money for themselves.