51A-17-2.6. Designation of an agent by the director.

The director may designate an agent to serve on the director's behalf as a beneficiary to a letter of credit so long as the agent and letter of credit meet the 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 §§ 51A-17-2 to 51A-17-2.5, inclusive, are assigned to the director.

Source: SL 2023, ch 159, § 6.