§ 1131. Promoters and foreign copromoters required to file bonds.
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§ 1131. Promoters and foreign copromoters required to file bonds.
(a)General rule.-- Before any license or renewal of a license is issued to a promoter and before any permit is issued to a foreign copromoter, he shall be required to execute and file a surety bond with the department in such reasonable amount, but not less than $3,000, as the department shall determine.
(b)Form of bond.-- All bonds shall be upon forms supplied by the department, which shall have first adopted them with the approval of the Office of Attorney General.
(c)Approval of sureties.-- The sufficiency of the sureties shall be subject to approval of the department and the Office of Attorney General.
(d)Conditions.-- The surety bond shall be conditioned upon the faithful performance by the promoter or foreign copromoter of his obligations under this subpart and the rules and regulations promulgated pursuant to this subpart, including, but not limited to, the fulfillment of his contractual obligations to contestants, managers and other licensees and the payment of all license and permit fees provided for in this subpart. The aggregate annual liability of the surety for all obligations and fees shall not exceed the amount of the bond.
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Cross References. Section 1131 is referred to in section 1132 of this title.
05c1132s