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2017 Maryland Code
Title 5 - Treasurer
§ 5-102. Surety bond -- Required; forms and conditions; renewal; filing
Universal Citation: MD State Govt Code § 5-102 (2017)
- (a) Required. -- While in office, the Treasurer shall be covered by a surety bond as required in this section.
- (b) Form and conditions. -- The surety bond under this section shall:
- (1) run to the State;
- (2) be in the amount that the Governor approves;
- (3) be with a surety company that is authorized to do business in the State; and
- (4) include provisions that secure the money of:
- (i) the Injured Workers' Insurance Fund;
- (ii) the Subsequent Injury Fund; and
- (iii) the Unemployment Insurance Administration Fund.
- (c) Renewal. --
- (1) If the Governor believes that the surety bond under this section has or is likely to become invalid or insufficient, the Governor shall demand that the Treasurer obtain coverage under a new surety bond that meets the requirements of this section.
- (2) Neglect or refusal to obtain the coverage within 20 days after the demand constitutes disqualification from office, as authorized in the Maryland Constitution.
- (d) Filing. -- After execution and approval of a surety bond under this section, the surety bond shall be recorded in the office of the Clerk of the Court of Appeals.
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