Section 436.2007. Unencumbered securities; maintenance of value.

(1) Each retail licensee who provides to the commission cash or unencumbered   securities  as  proof  of  financial  responsibility  shall maintain the value of the cash or unencumbered securities at not less than $50,000.00 during the entire period in which the license is in effect.Securities shall not be encumbered during any period in which  they serve as proof of financial responsibility to the commission.

(2)   The value of unencumbered securities shall be determined by the current market price as reported at the time of filing and thereafter in a nationally recognized financial publication or other  reliable   source    as determined by the commission.

(3)   If the market value  of  unencumbered  securities   provided  to    the commission as proof of financial responsibility falls below $50,000.00, the licensee shall immediately provide additional unencumbered securities or cash to the commission so as to restore, to not less than $50,000.00, the value of unencumbered securities and cash held by the commission. Failure to provide additional unencumbered securities or cash immediately shall result in the license being suspended until such time as additional unencumbered securities or cash has been provided to the commission.

History: 1988 AACS.