Filing of new bond; conditions; cancellation of license; reduction
of cash deposit by judgment; additional deposit
Sec. 46. (a) The commissioner may require a licensee to file a new
bond with a satisfactory surety in the same form and amount if:
(1) liability upon the previous bond is discharged or reduced by
the judgment rendered, payment made, or otherwise disposed
of; or
(2) in the opinion of the commissioner, any surety on the
previous bond becomes unsatisfactory.
If the new bond is unsatisfactory, the commissioner shall cancel the
license. If the new bond is satisfactorily furnished, the commissioner
shall release in writing the surety on the previous bond from any
liability accruing after the effective date of the new bond.
(b) If a licensee has a cash deposit with the commissioner and the
deposit is reduced by a judgment rendered, payment made, or
otherwise disposed of, the commissioner may require the licensee to
make a new deposit equal to the amount of the reduction.
As added by P.L.277-1993(ss), SEC.44.
Last modified: May 28, 2006