Section 16-117-28 - Substitution and maintenance of bond, irrevocable letter of credit, or client trust account; automatic forfeiture(a) An activity desk shall maintain the client trust account or the bond, or the irrevocable letter of credit.(b) Substitutions for the client trust account or the bond or irrevocable letter of credit may be made provided: (1) Coverage of any replacement bond or irrevocable letter of credit for a bond is effective prior to or on the same day of the bond which is scheduled to expire, and, further provided the replacement bond or irrevocable letter of credit is received by the director at least one business day before the bond expiration date;(2) Coverage of a bond replacing an irrevocable letter of credit is effective prior to or on the same day the irrevocable letter of credit is scheduled to expire, and further provided the bond is received by the director at least one business day prior to the expiration date of the irrevocable letter of credit;(3) Coverage of a letter of credit replacing a letter of credit is effective prior to or on the same day the irrevocable letter of credit is scheduled to expire and further provided the replacement letter of credit is received by the director at least fifteen days prior to the expiration date of the letter of credit; or(4) Evidence that a client trust account was established at least two months prior to the expiration of the bond or the irrevocable letter of credit is received by the director within one day of establishment of the client trust account.(c) An activity desk shall not be allowed to replace a client trust account with a bond or letter of credit for at least one year.(d) Registration of any activity desk which fails to have current requisite coverage provided by a bond or irrevocable letter of credit, or any activity desk which fails to maintain a client trust account shall be automatically forfeited and the activity desk shall be required to apply as a new applicant.[Eff 1/16/93] (Auth: §§ -2, -17, Act 231, SLH 1992) (Imp: §§ -9 -10, Act 231, SLH 1992)