51A-17-106. Designation by director of agent as beneficiary to a letter of credit.

The director may designate an agent to serve on the director's behalf as beneficiary to a letter of credit so long as the agent and letter of credit meet requirements established by the director. The director's agent may serve as agent for multiple licensing authorities for a single irrevocable letter of credit if the proceeds of the drawable amount for the purposes of this subdivision 51A-17-102(4) are assigned to the director.

Source: SL 2024, ch 196, § 55.