§ 19-14-6 Bond of applicant. – (a) An applicant for any license shall file with the director or the director'sdesignee a bond to be approved by him or her in which the applicant shall bethe obligor.
(b) The amount of the bond shall be as follows:
(1) Small loan lenders, the sum of ten thousand dollars($10,000);
(2) Loan brokers, the sum of twenty thousand dollars($20,000);
(3) Lenders, the sum of fifty thousand dollars ($50,000);
(4) Sale of checks and electronic money transfer licensees,the sum of fifty thousand dollars ($50,000) subject to a maximum of one hundredand fifty thousand dollars ($150,000) when aggregated with agent locations;
(5) Check cashing licensees who accept checks for collectionwith deferred payment, the sum of fifty thousand dollars ($50,000) subject to amaximum of one hundred and fifty thousand dollars ($150,000) when aggregatedwith agent locations;
(6) Foreign exchange licensees, the sum of ten thousanddollars ($10,000);
(7) Each branch or agent location of a licensee, the sum offive thousand dollars ($5,000); or
(8) Each debt-management services registrant, the amountprovided in section 19-14.8-13.
(c) The bond shall run to the state for the use of the stateand of any person who may have cause of action against the obligor of the bondunder the provisions of this title. The bond shall be conditioned upon theobligor faithfully conforming to and abiding by the provisions of this titleand of all rules and regulations lawfully made, and the obligor will pay to thestate and to any person any and all money that may become due or owing to thestate or to the person from the obligor under and by virtue of the provisionsof this title.
(d) The provisions of subsection (b)(6) of this section shallnot apply to any foreign exchange business holding a valid electronic moneytransfer license issued pursuant to § 19-14-1 et seq., that has filed withthe division of banking the bond required by subsections (b)(4) and (b)(7) ofthis section.
(e) The bond shall remain in force and effect until thesurety is released from liability by the director or the director's designee oruntil the bond is cancelled by the surety. The surety may cancel the bond andbe released from further liability under the bond upon receipt by the directoror the director's designee of written notice of the cancellation of the bond atleast thirty (30) days in advance of the cancellation of the bond. Thecancellation shall not affect any liability incurred or accrued under the bondbefore the termination of the thirty (30) day period. Upon receipt of anynotice of cancellation, the director shall provide written notice to thelicensee.
§ 19-14-6 Bond of applicant. – (a) An applicant for any license shall file with the director or the director'sdesignee a bond to be approved by him or her in which the applicant shall bethe obligor.
(b) The amount of the bond shall be as follows:
(1) Small loan lenders, the sum of ten thousand dollars($10,000);
(2) Loan brokers, the sum of twenty thousand dollars($20,000);
(3) Lenders, the sum of fifty thousand dollars ($50,000);
(4) Sale of checks and electronic money transfer licensees,the sum of fifty thousand dollars ($50,000) subject to a maximum of one hundredand fifty thousand dollars ($150,000) when aggregated with agent locations;
(5) Check cashing licensees who accept checks for collectionwith deferred payment, the sum of fifty thousand dollars ($50,000) subject to amaximum of one hundred and fifty thousand dollars ($150,000) when aggregatedwith agent locations;
(6) Foreign exchange licensees, the sum of ten thousanddollars ($10,000);
(7) Each branch or agent location of a licensee, the sum offive thousand dollars ($5,000); or
(8) Each debt-management services registrant, the amountprovided in section 19-14.8-13.
(c) The bond shall run to the state for the use of the stateand of any person who may have cause of action against the obligor of the bondunder the provisions of this title. The bond shall be conditioned upon theobligor faithfully conforming to and abiding by the provisions of this titleand of all rules and regulations lawfully made, and the obligor will pay to thestate and to any person any and all money that may become due or owing to thestate or to the person from the obligor under and by virtue of the provisionsof this title.
(d) The provisions of subsection (b)(6) of this section shallnot apply to any foreign exchange business holding a valid electronic moneytransfer license issued pursuant to § 19-14-1 et seq., that has filed withthe division of banking the bond required by subsections (b)(4) and (b)(7) ofthis section.
(e) The bond shall remain in force and effect until thesurety is released from liability by the director or the director's designee oruntil the bond is cancelled by the surety. The surety may cancel the bond andbe released from further liability under the bond upon receipt by the directoror the director's designee of written notice of the cancellation of the bond atleast thirty (30) days in advance of the cancellation of the bond. Thecancellation shall not affect any liability incurred or accrued under the bondbefore the termination of the thirty (30) day period. Upon receipt of anynotice of cancellation, the director shall provide written notice to thelicensee.
§ 19-14-6 Bond of applicant. – (a) An applicant for any license shall file with the director or the director'sdesignee a bond to be approved by him or her in which the applicant shall bethe obligor.
(b) The amount of the bond shall be as follows:
(1) Small loan lenders, the sum of ten thousand dollars($10,000);
(2) Loan brokers, the sum of twenty thousand dollars($20,000);
(3) Lenders, the sum of fifty thousand dollars ($50,000);
(4) Sale of checks and electronic money transfer licensees,the sum of fifty thousand dollars ($50,000) subject to a maximum of one hundredand fifty thousand dollars ($150,000) when aggregated with agent locations;
(5) Check cashing licensees who accept checks for collectionwith deferred payment, the sum of fifty thousand dollars ($50,000) subject to amaximum of one hundred and fifty thousand dollars ($150,000) when aggregatedwith agent locations;
(6) Foreign exchange licensees, the sum of ten thousanddollars ($10,000);
(7) Each branch or agent location of a licensee, the sum offive thousand dollars ($5,000); or
(8) Each debt-management services registrant, the amountprovided in section 19-14.8-13.
(c) The bond shall run to the state for the use of the stateand of any person who may have cause of action against the obligor of the bondunder the provisions of this title. The bond shall be conditioned upon theobligor faithfully conforming to and abiding by the provisions of this titleand of all rules and regulations lawfully made, and the obligor will pay to thestate and to any person any and all money that may become due or owing to thestate or to the person from the obligor under and by virtue of the provisionsof this title.
(d) The provisions of subsection (b)(6) of this section shallnot apply to any foreign exchange business holding a valid electronic moneytransfer license issued pursuant to § 19-14-1 et seq., that has filed withthe division of banking the bond required by subsections (b)(4) and (b)(7) ofthis section.
(e) The bond shall remain in force and effect until thesurety is released from liability by the director or the director's designee oruntil the bond is cancelled by the surety. The surety may cancel the bond andbe released from further liability under the bond upon receipt by the directoror the director's designee of written notice of the cancellation of the bond atleast thirty (30) days in advance of the cancellation of the bond. Thecancellation shall not affect any liability incurred or accrued under the bondbefore the termination of the thirty (30) day period. Upon receipt of anynotice of cancellation, the director shall provide written notice to thelicensee.
