Indiana § 25-34.1-5-3 Bond; obligee; requirements; liability; continuity; cancellation

Indiana Statutes

§ 25-34.1-5-3 — Bond; obligee; requirements; liability; continuity; cancellation

Indiana § 25-34.1-5-3

Title 25PROFESSIONS AND OCCUPATIONS

Art. 34.1REAL ESTATE BROKERS AND

Ch. 5Educational Courses

This text of Indiana § 25-34.1-5-3 (Bond; obligee; requirements; liability; continuity; cancellation) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 25-34.1-5-3 (2026).

Text

(a)The commission shall be the obligee under the bond.

(b)The bond shall be:

(1)executed by the person seeking course approval and by a corporate surety, licensed to do business in the state, as surety;

(2)in such form and with such terms and conditions as the commission may require;

(3)conditioned upon faithful compliance with all requirements of an approved course as provided by this article and the commission's regulations; and

(4)effective from its effective date and continue in effect until cancelled. The total and aggregate liability of the surety on a bond is limited to the amount specified in the bond and the continuous nature of the bond may in no event be construed as allowing the liability of the surety under a bond to accumulate for each successive approval period during

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(a) The commission shall be the obligee
under the bond.
(b) The bond shall be:
(1) executed by the person seeking course approval and by a
corporate surety, licensed to do business in the state, as surety;
(2) in such form and with such terms and conditions as the
commission may require;
(3) conditioned upon faithful compliance with all requirements of
an approved course as provided by this article and the
commission's regulations; and
(4) effective from its effective date and continue in effect until
cancelled.
The total and aggregate liability of the surety on a bond is limited to the
amount specified in the bond and the continuous nature of the bond
may in no event be construed as allowing the liability of the surety
under a bond to accumulate for each successive approval period during
which the bond is in force.
(c) To provide continuous bonding of the school's activities, a
school providing an approved course may not cancel a bond without
the commission's prior written approval of cancellation and approval
of a substitute bond.
(d) The surety on a bond may cancel a bond filed under this article
only after ninety (90) days from the date the surety mails a notice of
intent to cancel, by registered or certified mail with return receipt
requested, to the commission and to the school.
(e) To provide continuous bond coverage of the school's activities,
the school shall give written notice to the commission, not later than
thirty (30) days prior to the date upon which a bond cancellation
becomes effective, that a new bond has been obtained.
As added by Acts 1979, P.L.248, SEC.1.