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§ 20-601. Bond requirement

West's Annotated Code of MarylandBusiness Occupations and Professions

West's Annotated Code of Maryland
Business Occupations and Professions
Title 20. Private Home Detention (Refs & Annos)
Subtitle 6. Bond and Insurance Requirements (Refs & Annos)
MD Code, Business Occupations & Professions, § 20-601
§ 20-601. Bond requirement
Currentness
In general
(a)(1) Subject to this section, an applicant for a license shall execute a bond that is conditioned on the faithful and honest conduct of the applicant and runs to the State for the benefit of any person injured by any wrongful act of the applicant that is willful or malicious.
(2) The applicant shall submit the bond to the Secretary with the license application.
Amount of bond
(b)(1) The amount of the bond required under subsection (a) of this section shall be at least $2,500.
(2) The total liability of the surety to all insured persons under the bond may not exceed the penal sum of the bond.
Bond in effect
(c) A licensee shall keep in effect at all times a bond that meets the requirements of this section.
Notification of cancellation, forfeiture, or termination
(d) If a licensee's bond is canceled, forfeited, or terminated by the surety, the surety immediately shall notify the Secretary.
Failure to notify Secretary
(e) If a surety fails to notify the Secretary as required by this subsection, the bond shall continue in effect until the notice is given to the Secretary.

Credits

Added by Acts 1998, c. 331, § 1, eff. July 1, 1998.
MD Code, Business Occupations & Professions, § 20-601, MD BUS OCCUP & PROF § 20-601
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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