§ 49:331 — Couriers of public funds; fidelity bond

A. Every commercial courier as defined in R.S. 13:3204(D) who has charge or custody of, transports, receives, delivers, or handles public funds, including cash and securities, shall obtain and maintain a fidelity bond. Such bond shall be given by a surety company authorized to do business in this state covering each officer, director, manager, managing participant, agent, and employee without regard to whether the person receives salary or other compensation, before permitting any of them to enter upon the duties of their offices or employment. This bond may be in the form of individual bonds on individual persons, a schedule fidelity bond, or a blanket bond covering all such persons. The bond shall be in an amount not less than one hundred thousand dollars. A true copy of each of the bonds shall be filed with the state treasurer.
B. Such bond shall provide that a cancellation thereof by the surety or by the insured shall not become effective until ten days notice in writing first shall have been given to the state treasurer. The bond shall run to the state of Louisiana for the use of the state and of any state agency, board, or commission who may have a cause of action against the obligor in said bond by virtue of the loss, theft, misappropriation, dishonesty, fraud, defalcation, forgery, and other similar insurable losses of the commercial courier.

Legislative History

Acts 2006, No. 695, §1.