§ 15-604. Title service agent's bond

Latest version.

   (a) Exceptions. -- This section does not apply to:

   (1) A licensed dealer who is in compliance with the surety bond requirement of Subtitle 3 of this title; or

   (2) A motor club that is in compliance with the surety bond requirement of § 26-204 of the Insurance Article.

(b) Bond required. -- After the Administration notifies an applicant of the approval of an application and before the Administration issues a license, the applicant shall file with the Administration a surety bond in the form and with the surety that the Administration approves.

(c) Amount of bond. -- The amount of the surety bond shall be $ 25,000.

HISTORY: An. Code 1957, art. 66 1/2, § 5-804; 1977, ch. 14, § 2; 1997, ch. 70, § 4; 1999, ch. 14.

                    
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