§ 19-14.8-14 - Bond required – Substitute.
SECTION 19-14.8-14
§ 19-14.8-14 Bond required –Substitute. – (a) Instead of the surety bond required by § 19-14.8-13, a provider maydeliver to the director, in the amount required by subsection 19-14.8-13(b),and, except as otherwise provided in subparagraph (2)(A) below, payable oravailable to this state and to individuals who reside in this state when theyagree to receive debt-management services from the provider, as their interestsmay appear, if the provider or its agent does not comply with this chapter:
(1) A certificate of insurance issued by an insurance companyauthorized to do business in this state and rated at least "A" by a nationallyrecognized rating organization, with no deductible; or
(2) With the approval of the director:
(A) An irrevocable letter of credit, issued or confirmed by abank approved by the director, payable upon presentation of a certificate bythe director stating that the provider or its agent has not complied with thischapter; or
(B) Bonds or other obligations of the United States orguaranteed by the United States or bonds or other obligations of this state ora political subdivision of this state, to be deposited and maintained with abank approved by the director for this purpose.
(b) If a provider furnishes a substitute pursuant tosubsection (a), the provisions of subsections 19-14.8-13(a), (c), (d), and (e)apply to the substitute.