Section 6106 - Fee, financial statement and security(a) Each application for a license shall be accompanied by:(1) an application fee of five thousand dollars ($5,000);(2) a financial statement showing a tangible net worth of at least five hundred thousand dollars ($500,000);(3) a bond in the penal sum of one million dollars ($1,000,000) executed by a surety company authorized to transact business within the Commonwealth of Pennsylvania or securities as provided in the following subsection. The bond shall run to the Commonwealth of Pennsylvania and shall be for the use of the Commonwealth and of any person or persons who may have a cause of action against the licensee for failure to carry out the terms of any transmittal instrument which the licensee shall have issued and who were residents of the Commonwealth of Pennsylvania at the time the cause of action arose. The condition of the bond shall be that the licensee will comply with and abide by the provisions of this act and the rules and regulations of the department lawfully promulgated under this act and that the licensee will pay to the Commonwealth, to the department or to any other person any moneys that may become due from the licensee to the Commonwealth or to the department or to any other person under the provisions of this act or of any transmittal instrument issued by the licensee within this Commonwealth and who were residents of the Commonwealth of Pennsylvania at the time the cause of action arose. If any person shall be aggrieved by the misconduct of any licensee, he may upon recovering judgment against such licensee, issue execution under such judgment and maintain an action upon the bond of the licensee in any court having jurisdiction of the amount claimed, provided the department assents thereto. (b)[Repealed by 2016 Amendment.](b.1) If the department, in its discretion, shall determine the bond or deposit of securities provided for in clause (3) of subsection (a) is not adequate, the department may, after an examination and a consent agreement or order, require an additional bond in an amount up to the average daily outstanding balance of money received for transmission in this Commonwealth during the thirty days preceding the department's requirement plus an additional ten percent of the amount of the average daily outstanding balance subject to the same conditions and the same right of execution provided for in clause (3) of subsection (a) .(c) Should any licensee become insolvent, the principal sum of the bond shall be applied to the payment in full of claims arising out of the issuance of transmittal instruments in this Commonwealth and any administrative costs incurred by or fines imposed by the department.Amended by P.L. TBD 2016 No. 129, § 8, eff. 1/2/2017.1965, Sept. 2, P.L. 490, No. 249, § 6. Amended 1977, July 9, P.L. 70, No. 25, § 1, imd. effective.