50-1119.Same; bond; requirements.Each applicant or registrant shall file with thecommissioner asurety bond in a form acceptable to the commissioner. The surety bond shall beissued by a surety or insurancecompany authorized to conduct business in this state, securing the applicant'sor registrant'sfaithful performance of all duties and obligations of a registrant. The suretybond shall:
(a) Be payable to the office of the state bank commissioner;
(b) provide that the bond may not be terminated without 30 days prior writtennotice to thecommissioner;
(c) provide that the bond shall not expire for two years after the date ofsurrender, revocation orexpiration of the applicant's or registrant's registration, whichever shallfirst occur;
(d) be available for:
(1) The recovery of expenses, fines and fees levied by the commissioner underthis act;and
(2) payment of losses or damages which are determined by the commissioner tohavebeen incurred by any consumer as a result of the applicant's or registrant'sfailure to comply withthe requirements of this act; and
(e) the amount of the bond shall be $25,000. The amount of the bond may beincreased up to $1,000,000,as further defined byrules and regulations adopted by the commissioner.
50-1119.Same; bond; requirements.Each applicant or registrant shall file with thecommissioner asurety bond in a form acceptable to the commissioner. The surety bond shall beissued by a surety or insurancecompany authorized to conduct business in this state, securing the applicant'sor registrant'sfaithful performance of all duties and obligations of a registrant. The suretybond shall:
(a) Be payable to the office of the state bank commissioner;
(b) provide that the bond may not be terminated without 30 days prior writtennotice to thecommissioner;
(c) provide that the bond shall not expire for two years after the date ofsurrender, revocation orexpiration of the applicant's or registrant's registration, whichever shallfirst occur;
(d) be available for:
(1) The recovery of expenses, fines and fees levied by the commissioner underthis act;and
(2) payment of losses or damages which are determined by the commissioner tohavebeen incurred by any consumer as a result of the applicant's or registrant'sfailure to comply withthe requirements of this act; and
(e) the amount of the bond shall be $25,000. The amount of the bond may beincreased up to $1,000,000,as further defined byrules and regulations adopted by the commissioner.
50-1119.Same; bond; requirements.Each applicant or registrant shall file with thecommissioner asurety bond in a form acceptable to the commissioner. The surety bond shall beissued by a surety or insurancecompany authorized to conduct business in this state, securing the applicant'sor registrant'sfaithful performance of all duties and obligations of a registrant. The suretybond shall:
(a) Be payable to the office of the state bank commissioner;
(b) provide that the bond may not be terminated without 30 days prior writtennotice to thecommissioner;
(c) provide that the bond shall not expire for two years after the date ofsurrender, revocation orexpiration of the applicant's or registrant's registration, whichever shallfirst occur;
(d) be available for:
(1) The recovery of expenses, fines and fees levied by the commissioner underthis act;and
(2) payment of losses or damages which are determined by the commissioner tohavebeen incurred by any consumer as a result of the applicant's or registrant'sfailure to comply withthe requirements of this act; and
(e) the amount of the bond shall be $25,000. The amount of the bond may beincreased up to $1,000,000,as further defined byrules and regulations adopted by the commissioner.
