Section 399-D:6 Bond of Applicant.
I. Each applicant shall submit to the commissioner, with his or her application for a license, a bond, in such form as the commissioner shall prescribe, in the amount of $25,000. The applicant shall be the obligor in such bond and an insurance company authorized to transact the business of fidelity and surety insurance in this state shall be the surety.
II. The bond shall run to the state of New Hampshire for the use of the state and of any person or persons who may have a cause of action by virtue of the activities of the applicant in debt adjustment. The bond shall be conditioned that the obligor will faithfully conform to and abide by the provisions of this chapter and any regulation, order, or directive issued hereunder, and he or she will well and faithfully perform the obligations and duties of all debt adjustment contracts into which he or she may enter, and will well and faithfully account for all funds entrusted to him or her by a debtor.
III. Each bond shall remain in effect until the surety is released from liability by the commissioner, or until the bond is canceled by the surety. Any surety may cancel a bond upon 30 days' written notice to the commissioner, but no such cancellation shall affect any liability which arises prior to the termination of such 30-day period. Upon the cancellation of a bond by a surety, the licensee shall file a new bond with the commissioner or the license shall be automatically suspended at the end of such 30-day period.
IV. Any debtor who may be damaged by the neglect, default, or wrongful act of a licensee or his or her agent may proceed on such bond against the obligor or surety thereon, or both, to recover damages. Any licensee, upon his or her own motion, may be made a party to any such action.
Source. 2004, 230:1, eff. Sept. 9, 2004.