SECTION 559.546. Bond; evidence of current and valid bond.
Latest version.
- 1Pursuant to s. 4559.545, 5the registrant shall provide to the office evidence that the registrant has been issued a current and valid surety bond as required by this part.
30(1) 31In addition to each registration filed pursuant to s. 40559.545 41and any renewal of such registration, each registrant shall furnish to the office the following:56(a) 57A copy of the surety bond, which bond shall be one issued by a surety known by the registrant to be acceptable to the office.
82(b) 83A statement from the surety that the annual premium for the bond has been paid in full by the registrant.
103(c) 104A statement from the surety that the bond issued by the surety meets the requirements of this part.
122(2) 123The liability of the surety under any bond issued pursuant to the requirements of this part shall not exceed in the aggregate the amount of the bond, regardless of the number or amount of any claims filed or which might be asserted against the surety on such bond. If multiple claims are filed against the surety on any such bond in excess of the amount of the bond, the surety may pay the full amount of the bond to the office and shall not be further liable under the bond. The office shall hold such funds for distribution to claimants and administratively determine and pay to each claimant the pro rata share of each valid claim made against the funds within 6 months after the date of the filing of the first claim against the surety.
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Cited by Court Cases:
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