Section 29-143j-14a - Performance bond(a) The commissioner may require any promoter to furnish a surety bond to the commissioner in an amount deemed by the commissioner to be adequate to ensure reimbursement to the ticket holders and payment of services rendered by the boxers or mixed martial arts competitors and the officials, as well as the payment of taxes.(b) In the event a promoter guarantees a money prize, purse or monetary compensation to the contestants, the commissioner may require the promoter to furnish a surety bond in the amount of the guaranteed amount of the money prize, purse or monetary compensation.(c) Every surety bond allowed by this section or otherwise required to be furnished to the commissioner shall be approved by the commissioner. The bond shall be received by the commissioner or such commissioner's authorized representative at least five days prior to the contest or exhibition, unless otherwise authorized by the commissioner or such commissioner's authorized representative.(d) The commissioner may accept a certified check either in whole or in part, in lieu of a surety bond.(e) Every surety bond allowed by this section or otherwise required to be furnished to the commissioner shall be released when the commissioner has reason to believe that the obligations secured by such bond have been honored. In no event shall the bond be released until at least sixty days after the contest or exhibition has been held.Conn. Agencies Regs. § 29-143j-14a
Effective November 6, 2015