§ 6.1-363.5. Bond required
The application for a license shall also be accompanied by a bond filed with the Commissioner with corporate surety authorized to execute such bond in the Commonwealth, in the principal amount as determined by the Commission but not less than $25,000 nor more than $350,000. The form of such bond shall be approved by the Commission. Such bond shall be continuously maintained thereafter in full force, and the Commission may require the principal amount to be adjusted as it deems necessary. Such bond shall be conditioned upon the licensee performing all written agreements with consumers, correctly and accurately accounting for all funds received by the licensee in the licensed business, and conducting the licensed business in conformity with this chapter and all applicable law. Any person who may be damaged by noncompliance of the licensee with any condition of such bond may proceed on such bond against the principal or surety thereon, or both, to recover damages. The aggregate liability under the bond shall not exceed the penal sum of the bond.
(2004, c. 790.)
Sections: Previous 6.1-363.2 6.1-363.3 6.1-363.4 6.1-363.5 6.1-363.6 6.1-363.7 6.1-363.8 6.1-363.9 6.1-363.10 6.1-363.11 6.1-363.12 6.1-363.13 6.1-363.14 6.1-363.15 6.1-363.16 NextLast modified: April 2, 2009