§14A-3-810. Bond - Letter of credit.

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BOND; LETTER OF CREDIT.

A. The Administrator may require an applicant or license holder to file a bond with the application in an amount not to exceed Fifty Thousand Dollars ($50,000.00).

B. The bond terms shall run concurrent with the licensing period. The bond shall provide that the license holder will, during the licensing period:

1. Faithfully conform to and abide by:

a. the requirements of this act, and

b. the rules adopted by the Administrator to administer

this act; and

2. Provide any amount that may become due or owing to the state from the license holder under this act.

C. In lieu of the bond, the applicant or license holder, at the applicant's or license holder's option, may post an irrevocable letter of credit. Added by Laws 2013, c. 386, § 10, eff. Nov. 1, 2013. NOTE: Editorially renumbered from Title 14A, § 3-710 to avoid a duplication in numbering.