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54-4-42Bond to be filed with application.

The applicant shall submit with the application for a license a bond in an amount not to exceed the total of ten thousand dollars for the first license and two thousand five hundred dollars for each additional license. The bond shall be satisfactory to the director and issued by a surety company qualified to do business as a surety in this state. The bond shall be in favor of this state for the use of this state and any person who has a cause of action under this chapter against the licensee. The bond shall be conditioned on:

(1)    The licensee's faithful performance under this chapter and any rules adopted pursuant to this chapter; and

(2)    The payment of any amounts that are due to the state or another person during the calendar year for which the bond is given.

The aggregate liability of a surety to all persons damaged by a licensee's violation of this chapter may not exceed the amount of the bond.

Source: SL 1998, ch 280, § 7; SL 2005, ch 258, § 2; SL 2006, ch 245, § 5.

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