50-1119.   Same; bond; requirements. Each applicant or registrant shall file with the commissioner a surety bond in a form acceptable to the commissioner. The surety bond shall be issued by a surety or insurance company authorized to conduct business in this state, securing the applicant's or registrant's faithful performance of all duties and obligations of a registrant. The surety bond 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 written notice to the commissioner;

      (c)   provide that the bond shall not expire for two years after the date of surrender, revocation or expiration of the applicant's or registrant's registration, whichever shall first occur;

      (d)   be available for:

      (1)   The recovery of expenses, fines and fees levied by the commissioner under this act; and

      (2)   payment of losses or damages which are determined by the commissioner to have been incurred by any consumer as a result of the applicant's or registrant's failure to comply with the requirements of this act; and

      (e)   the amount of the bond shall be $25,000. The amount of the bond may be increased up to $1,000,000, as further defined by rules and regulations adopted by the commissioner.

      History:   L. 2004, ch. 22, § 4; July 1.