13-05-04.1. Surety bond required.
66 words·~1 min read·
/nd/title-13/chapter-13-05-collection-agencies/13-05-04-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. Each licensee shall maintain a surety bond in the amount of fifty thousand dollars.
2. The surety bond must be in a form as prescribed by the commissioner.
3. When an action is commenced on a licensee's bond, the commissioner may require
the filing of a new bond.
4. Immediately upon recovery upon any action on the bond, the licensee shall file a new
bond.