49 Pa. Code § 36.453 - Form of surety bond
(a) A surety
bond held by a registrant to satisfy the requirements of AMCRA and this
subchapter must include all of the following:
(1) The name and mailing address of the
registrant.
(2) The name and title
of the compliance person.
(3) The
name, mailing address, telephone number and National Association of Insurance
Commissioners company code of the surety.
(4) The policy number for the surety
bond.
(5) Indemnification for
claims that arise or occur for the benefit of:
(i) The Commonwealth or the public for
nonperformance of obligations under AMCRA or this subchapter that occur during
the period of the surety bond.
(ii)
An appraiser who has performed an appraisal of real property located in this
Commonwealth for the registrant during the period of the surety bond for which
the appraiser has not been paid.
(6) An agreement by the surety to notify the
Bureau if the surety bond is cancelled or terminated.
(b) The aggregate liability of the surety may
not exceed the principal sum of the bond.
(c) The surety bond must be continuous and
remain in full force and effect until the license is terminated or not renewed,
or the bond is cancelled by the surety.
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