2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 12-1014 - Surety bond [Subtitle subject to abrogation]
§12-1014. IN EFFECT
// EFFECTIVE UNTIL JUNE 30, 2015 PER CHAPTERS 280 AND 281 OF 2011 //
(a) A registrant that establishes a dedicated account in accordance with § 12-1010(d) of this subtitle shall file a surety bond with the Commissioner at the time the dedicated account is established.
(b) A surety bond filed under this section shall:
(1) Run to the Commissioner for the benefit of any consumer who is injured by a violation of this subtitle committed by a registrant;
(2) Be in the amount of $50,000;
(3) Be issued by a bonding, surety, or insurance company that is authorized to do business in the State; and
(4) Be conditioned so that the registrant shall comply with all State and federal laws and regulations governing the business of providing debt settlement services.
(c) If the amount of the surety bond initially filed with the Commissioner must be increased to meet the minimum requirements under subsection (b)(2) of this section, the registrant shall file with the Commissioner evidence of the increased bond amount in a form satisfactory to the Commissioner.
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