§ 58-71-160. Security deposit to be maintained.
§ 58‑71‑160. Security deposit to be maintained.
(a) Any professionalbondsman, whose security deposits with the Commissioner are, for any reason,reduced in value below the requirements of this Article, shall immediately uponreceipt of a notice of deficiency from the Commissioner deposit such additionalsecurities as are necessary to comply with the law. No professional bondsmanshall sign, endorse, execute, or become surety on any additional bail bonds, orpledge or deposit any cash, check, or other security of any nature in lieu of abail bond in any county in North Carolina until the professional bondsman hasmade such additional deposit of securities as required by the notice ofdeficiency.
(b) The Commissionermay deny the renewal of any license held by a professional bondsman under thisChapter or may deny the issuance of any license applied for by a professionalbondsman under this Chapter if, at the time of the renewal application orlicense application, the professional bondsman has not complied with a noticeof deficiency under subsection (a) of this section. The Commissioner may issuethe renewal license or the new license upon compliance by the professionalbondsman with the notice of deficiency. (1975, c. 619, s. 1; 2001‑269, s. 2.7.)