80A.10 - LICENSEE'S BOND.
80A.10 LICENSEE'S BOND.
1. A license shall not be issued unless the applicant files with
the department a surety bond, in a minimum amount as follows:
a. Five thousand dollars in the case of an agency licensed to
conduct only a bail enforcement business, private security business,
or a private investigation business.
b. Ten thousand dollars in the case of an agency licensed to
conduct more than one type of business licensed under this chapter.
2. The bond shall be issued by a surety company authorized to do
business in this state and shall be conditioned on the faithful,
lawful, and honest conduct of the applicant and those employed by the
applicant in carrying on the business licensed.
3. The bond shall provide that a person injured by a breach of
the conditions of the bond may bring an action on the bond to recover
legal damages suffered by reason of the breach. However, the
aggregate liability of the surety for all damages shall not exceed
the amount of the bond.
4. Bonds issued and filed with the department shall remain in
force and effect until the surety has terminated future liability by
a written thirty days' notice to the department. Section History: Recent Form
84 Acts, ch 1235, § 10; 85 Acts, ch 56, §3; 98 Acts, ch 1149, § 8
Referred to in § 80A.10A