§ 5-1109. Filing of letter of credit, cash deposit or surety bond with attorney general
West's Annotated Code of MarylandCourts and Judicial ProceedingsEffective: October 1, 2016
Effective: October 1, 2016
MD Code, Courts and Judicial Proceedings, § 5-1109
§ 5-1109. Filing of letter of credit, cash deposit or surety bond with attorney general
(a) On acceptance by the Attorney General of a transferee's application for registration as a structured settlement transferee, the transferee shall promptly:
(b) A bond shall remain in force until the surety insurer is released from liability by the Attorney General or until the bond is canceled by the surety insurer.
(c) The total liability of the surety insurer under a bond may not exceed the penal sum of the bond.
(d)(1)(i) The surety insurer may cancel a bond after filing a written notice with the Attorney General at least 30 days before the effective date of the cancellation.
Credits
Added by Acts 2016, c. 721, § 2, eff. Oct. 1, 2016; Acts 2016, c. 722, § 2, eff. Oct. 1, 2016.
MD Code, Courts and Judicial Proceedings, § 5-1109, MD CTS & JUD PRO § 5-1109
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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