§ 10-206. Bond required

   An applicant for a license shall file with the Commissioner a bond that:

   (1) is approved by the Commissioner as to form and sufficiency of security;

   (2) is executed by the applicant and an authorized surety insurer;

   (3) is in the penal sum of $ 1,000;

   (4) is conditioned on the applicant faithfully performing the duties of an adviser;

   (5) runs to the State; and

   (6) specifically authorizes the State to recover the penal sum of the bond if the applicant is guilty of fraudulent or dishonest practices while acting as an adviser.

HISTORY: An. Code 1957, art. 48A, § 182; 1995, ch. 36.