§ 9-114. Surety bond; irrevocable letter of credit, etc., of licensed agent

   (a) In general. -- The Director may require any lottery agent granted a license to post either an appropriate surety bond, irrevocable letter of credit, or cash security deposit in the amount that the regulations of the Agency set.

(b) Blanket bond. --

   (1) In lieu of a surety bond, irrevocable letter of credit, or cash security deposit, the Agency, at the discretion of the Director, may provide a blanket bond covering all or selected agents in accordance with the availability of bonds and the financial status of an individual or a corporation.

   (2) Bond requirements. -- A bond provided by the Agency shall be:

      (i) provided at the agent's expense; and

      (ii) based upon a financial evaluation of the agent conducted by the Director.

HISTORY: An. Code 1957, art. 88D, § 8; 1984, ch. 284, § 1; 1991, ch. 163.