Web Content Viewer
Actions

Security Device Calculation

Security Device Calculation

R.C. 1315.07 requires that each Ohio money transmitter licensee provie and maintain a security device in a form satisfactory to the Superintendent of Financial Institutions.

Each licensee must provide and maintain a security device permitted under R.C. 1315.07 that is: the greater of $ 300,000 or an amount equal to 0.5% of the licensee's total annual dollar volume of money transmission in Ohio, up to a maximum of $2,000,000. The total annual dollar volume shall be calculated quarterly, on a rolling basis. For example:

  • For the period ending March 31st, the volume shall be calculated from April 1st of the previous year through March 31st of the current year.
  • For the period ending June 30th, the volume shall be calculated from July 1st of the previous year through June 30th of the current year.
  • For the period ending September 30th, the volume shall be calculated from October 1st of the previous year through September 30th of the current year.
  • For the period ending December 31st, the volume shall be calculated from January 1st of the previous year through December 31st of the current year.