§ 58-69-50. Authority for qualified surety companies to guarantee certain arrest bond certificates.
§58‑69‑50. Authority for qualified surety companies to guaranteecertain arrest bond certificates.
(a) Any domestic orforeign surety company that is authorized to do business in this State maybecome a surety, by filing with the Department an undertaking to become asurety, in an amount not to exceed one thousand five hundred dollars ($1,500)with respect to each guaranteed arrest bond certificate issued by a motor club.
(b) The undertakingshall be in a form to be prescribed by the Department and shall state:
(1) The name and addressof the motor club or clubs with respect to which the surety company undertakesto guarantee the arrest bond certificates.
(2) The unqualifiedobligation of the surety company to pay the fine or forfeiture, in an amountnot to exceed one thousand five hundred dollars ($1,500) of any person who,after posting a guaranteed arrest bond certificate which the surety hasundertaken to guarantee, fails to make the appearance for which the guaranteedarrest bond certificate was posted. (1985, c. 623, s. 1; 1989, c.663, s. 1; 1999‑132, s. 12.3.)