§ 5-57-21. Surety bond.
(a) No license shall be issued under this chapter until the applicant files with the licensing
authority a surety bond made payable to the state in the sum of ten thousand dollars
($10,000) conditioned to recover against the principal, by reason of wrongful acts
of a material nature knowingly engaged in by the licensee in the conduct of its business.
No party other than the licensing authority shall recover against the bond required
by this section. The surety bond must be written by a company authorized to do business
in this state and approved by the licensing authority with respect to its form, manner
of
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§ 5-57-21. Surety bond.
(a) No license shall be issued under this chapter until the applicant files with the licensing
authority a surety bond made payable to the state in the sum of ten thousand dollars
($10,000) conditioned to recover against the principal, by reason of wrongful acts
of a material nature knowingly engaged in by the licensee in the conduct of its business.
No party other than the licensing authority shall recover against the bond required
by this section. The surety bond must be written by a company authorized to do business
in this state and approved by the licensing authority with respect to its form, manner
of execution, and sufficiency.
(b) Every licensee shall at all times maintain on file with the licensing authority the
surety bond, in full force and effect, required by this chapter. Knowing and willful
failure to do so shall be unlawful and punishable as provided in § 5-57-41.
(c) A bond executed and filed with the licensing authority pursuant to this chapter shall
remain in force and effect until the surety has terminated future liability by notice
to the licensing authority thirty (30) days in advance of termination.
(d) The sum of ten thousand dollars ($10,000) in cash may be deposited with the state
in lieu of the surety bond required by this chapter.