§ 5-19-214 — Bond required - substitute

(a) Instead of the surety bond
required by section 5-19-213, a provider may deliver to the administrator, in the
amount required by section 5-19-213 (b), and, except as otherwise provided in
subsection (a)(1) of this section, payable or available to this state and to individuals
who reside in this state when they agree to receive debt-management services from
the provider, as their interests may appear, if the provider or its agent does not
comply with this part 2:

(1) With the approval of the administrator, an irrevocable letter of credit,
issued or confirmed by a bank approved by the administrator, payable upon
presentation of a certificate by the administrator stating that the provider or its
agent has not complied with this part 2.

(b) If a provider furnishes a substitute pursuant to subsection (a) of this
section, the provisions of section 5-19-213 (a), (c), (d), and (e) apply to the substitute.

Legislative History

Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1148, � 4, effective August 9.