36-21D-13. Maintenance of surety bond or irrevocable letter of credit.
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/sd/title-36/chapter-36-21/36-21d-13·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An appraisal management company shall continuously maintain the surety bond or irrevocable letter of credit required by § 36-21D-12 on file with the Department of Labor and Regulation in the amount of twenty-five thousand dollars for the exclusive purpose of payment of the obligations listed in subdivision 36-21D-12(1). Upon termination, cancellation, or reduction of the surety bond or irrevocable letter of credit to less than twenty-five thousand dollars, the registered appraisal management company shall file a replacement surety bond or irrevocable letter of credit within the time period established by the department by rule or surrender the company's registration to the department and cease operating as an appraisal management company.