99F.8 - BOND OF LICENSEE.
99F.8 BOND OF LICENSEE.
A licensee licensed under section 99F.7 shall post a bond to the
state of Iowa before the license is issued in a sum as the commission
shall fix, with sureties to be approved by the commission. The bond
shall be used to guarantee that the licensee faithfully makes the
payments, keeps its books and records and makes reports, and conducts
its gambling games in conformity with this chapter and the rules
adopted by the commission. The bond shall not be canceled by a
surety on less than thirty days' notice in writing to the commission.
If a bond is canceled and the licensee fails to file a new bond with
the commission in the required amount on or before the effective date
of cancellation, the licensee's license shall be revoked. The total
and aggregate liability of the surety on the bond is limited to the
amount specified in the bond. Section History: Recent Form
89 Acts, ch 67, §8