S.C. Code Regs. 8-623 - Security Requirement
Before any license may be issued, a corporate surety bond designating the applicant as principal or other security approved by the council must be provided. Bonds shall be in the amount of seventy-five thousand dollars ($75,000.00) for manufacturers and ten thousand dollars ($10,000.00) for manufacturer's representatives. All bonds shall be to the Council and in favor of any person who suffers loss as a result of any violation of the Act or these regulations. A new bond or proper continuation certificate shall be delivered to the Council at the beginning of each license period. The aggregate liability of the bond or security in any one (1) year shall not exceed its total annual amount. No applicant shall be required to have more than one (1) bond.
Notes
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