§ 12-412. Surety bond requirements
West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2023
Effective: July 1, 2023
MD Code, Financial Institutions, § 12-412
§ 12-412. Surety bond requirements
(b)(1) With an application for a new license, an applicant shall file a surety bond with the Commissioner.
(c)(1) A deposit in lieu of a surety bond made to satisfy the provisions of subsection (b) of this section shall:
(d)(1) The amount of the surety bond under subsection (b) of this section or the deposit in lieu of a surety bond under subsection (c) of this section shall be the greater of:
(e)(1) If the penal amount of a surety bond or a deposit in lieu of a surety bond is reduced by a payment of a claim or judgment, the licensee shall file with the Commissioner evidence of any new or additional surety bond or deposit in lieu of a surety bond in the amount that the Commissioner sets.
Credits
Added as Financial Institutions § 12-410 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1980, c. 541, § 1, eff. July 1, 1980; Acts 1982, c. 882, § 1; Acts 1983, c. 563, § 1; Acts 1995, c. 432, § 1, eff. Oct. 1, 1995; Acts 1996, c. 10, § 1, eff. April 9, 1996; Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 1997, c. 23, § 1, eff. Oct. 1, 1997. Renumbered as Financial Institutions § 12-412 by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002. Amended by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002; Acts 2003, c. 21, § 1, eff. April 8, 2003; Acts 2017, c. 479, § 1, eff. June 1, 2017; Acts 2021, c. 100, § 3, eff. Oct. 1, 2021; Acts 2023, c. 567, § 1, eff. July 1, 2023.
Formerly Art. 11, § 212.
MD Code, Financial Institutions, § 12-412, MD FIN INST § 12-412
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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