§ 24-5-15-8 — Surety bond or irrevocable letter of credit; filing with attorney general

Indiana § 24-5-15-8

• Jurisdiction: Indiana
• Art. 5: CONSUMER SALES
• Ch. 15: Credit Services Organizations

Text

(a) Before doing business in Indiana, a credit
services organization must:
(1) obtain a surety bond in the amount of twenty-five thousand
dollars ($25,000), issued by a surety company authorized to do
business in Indiana in favor of the state for the benefit of a person
that is damaged by a violation of this chapter; and
(2) file a copy of the surety bond obtained under subdivision (1)
with the attorney general.
(b) The attorney general may waive the bonding requirement under
subsection (a) and, instead of the bond, accept an irrevocable letter of
credit for an equivalent amount issued in favor of the state for the
benefit of a person that is damaged by a violation of this chapter. A
credit services organization that obtains an irrevocable letter of credit
under this subsection must file a copy of the irrevocable letter of credit
with the attorney general before doing business in Indiana.

Legislative History

As added by P.L.142-1990, SEC.1. Amended by P.L.171-2006, SEC.4; P.L.114-2010, SEC.16.