Md. Code Regs. 11.15.31.19 - Surety Bonds
A. A contractor
shall furnish a surety bond:
(1) In an amount
established by the Administration;
(2) Based on transfers or projected transfers
of annual funds from electronic vehicle titling and registration transactions;
and
(3) In an amount comparable to
the average weekly funds transferred.
B. A participant shall certify, in a form
acceptable by the Administration, that a surety bond in the amount required by
Transportation Article, §§
15-308 and
15-604, Annotated Code
of Maryland, is currently, and will continue to remain, in effect.
C. Except for §B of this regulation, all
other participants shall furnish a surety bond in the amount of
$25,000.
D. A bond required under
this regulation shall:
(1) Remain in force for
the term of the contractor, or participant's, agreement;
(2) Be executed by a surety company
authorized to do business in the State;
(3) Be in a form approved by the Maryland
Insurance Administration; and
(4)
Be adjusted annually as determined by the Administration pursuant to §A of
this regulation.
Notes
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