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Promoters and foreign copromoters required to file bonds - 5 Pa. Cons. Stat. § 1131

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                               SUBCHAPTER D
                                  BONDS

     Sec.
     1131.  Promoters and foreign copromoters required to file
            bonds.
     1132.  Deposit in lieu of surety bond.
     1133.  Filing fee.
     1134.  Recovery on bond.
     § 1131.  Promoters and foreign copromoters required to file
                bonds.
        (a)  General rule.--Before any license or renewal of a
     license is issued to a promoter and before any permit is issued
     to a foreign copromoter, he shall be required to execute and
     file a surety bond with the department in such reasonable
     amount, but not less than $3,000, as the department shall
     determine.
        (b)  Form of bond.--All bonds shall be upon forms supplied by
     the department, which shall have first adopted them with the
     approval of the Office of Attorney General.
        (c)  Approval of sureties.--The sufficiency of the sureties
     shall be subject to approval of the department and the Office of
     Attorney General.
        (d)  Conditions.--The surety bond shall be conditioned upon
     the faithful performance by the promoter or foreign copromoter
     of his obligations under this subpart and the rules and
     regulations promulgated pursuant to this subpart, including, but
     not limited to, the fulfillment of his contractual obligations
     to contestants, managers and other licensees and the payment of
     all license and permit fees provided for in this subpart. The
     aggregate annual liability of the surety for all obligations and
     fees shall not exceed the amount of the bond.

        Cross References.  Section 1131 is referred to in section
     1132 of this title.

Last modified: November 27, 2007