Arizona Arizona Revised Statutes

§ 6-1230 — Types of permissible investments

ARS § 6-1230Title 6. Banks and Financial Institutions · Ch. 12. TRANSMITTERS OF MONEY · Art. 1. Money Transmission

Statute text

6-1230. Types of permissible investments A. The following investments are permissible under section 6-1229: 1. Cash, including demand deposits, savings deposits and monies in such accounts held for the benefit of the licensee's customers in a federally insured depository financial institution, and cash equivalents, including automated clearinghouse items in transit to the licensee and automated clearinghouse items or international wires in transit to a payee, cash in transit by armored car, cash in smart safes, cash in licensee-owned locations, debit card or credit card-funded transmission receivables owed by any bank or money market mutual funds rated "AAA" by Standard and Poor's or the equivalent from any eligible rating service. 2. Certificates of deposit or senior debt obligations of an insured depository institution as defined in the federal deposit insurance act (12 United States Code section 1813) or as defined in the federal credit union act (12 United States Code section 1752). 3. An obligation of the United States or a commission, agency or instrumentality of the United States. 4. An obligation that is guaranteed fully as to principal and interest by the United States. 5. An obligation of a state or a governmental subdivision, agency or instrumentality of a state. 6. One hundred percent of the surety bond provided for under section 6-1228 that exceeds the average daily money transmission liability in this state. 7. The full drawable amount of an irrevocable standby letter of credit for which the stated beneficiary is the director that stipulates that the beneficiary only needs to draw a sight draft under the letter of credit and present it to obtain money up to the letter of credit amount within seven days after presentation of the items required by subsection C of this section. The letter of credit must:

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