Section 3-313 - Bond.

§ 3-313. Bond.
 

(a)  Required.- Before the Commissioner issues a certificate of qualification to an applicant, the applicant shall file with the Commissioner a bond that: 

(1) is subject to approval by the Commissioner; 

(2) runs to the State; 

(3) is executed by the applicant as principal and by a corporate surety insurer authorized to do business in the State; 

(4) is in the penal sum of $10,000; and 

(5) is conditioned that the broker will: 

(i) conduct business in accordance with this article; and 

(ii) remit promptly the taxes required by § 3-324 of this subtitle. 

(b)  Total liability.- The total liability of the surety insurer under the bond may not exceed the penal sum of the bond. 

(c)  Notice of cancellation.- The surety insurer may not cancel the bond unless, at least 30 days before canceling the bond, the surety insurer files written notice of the cancellation. 
 

[An. Code 1957, art. 48A, § 188; 1995, ch. 36.]