Okla. Admin. Code § 670:10-1-2

Current through Vol. 41, No. 24, September 3, 2024

Section 670:10-1-2 - Bond requirements

(a)Faithful performance surety bond or cash bond required. During the first year of operation, a Licensed Operator shall obtain a faithful performance surety bond or cash bond in the amount of Thirty Thousand Dollars ($30,000.00) or in such additional amount and form as required by Service Oklahoma.

(b)Oklahoma Licensed operator indemnity fund.

(1) All licensed operators who have been in office at least one year are assessed annually by the Office of Management and Enterprise Services for payment into Oklahoma Licensed Operator Indemnity Fund. The assessment amounts are set by statute.

(2) New licensed operators are not assessed for the Indemnity Fund until they have been in office for one year. New agents must maintain separate surety bonds during their first year of operation.

(c)Proof of bond required prior to application for appointment. A commitment by the bonding company to issue the required bond in the amount specified by Service Oklahoma or an affidavit that the applicant will provide a cash bond, must be attached to the application for the license to operate a designated Service Oklahoma location.

Okla. Admin. Code § 670:10-1-2

Adopted by Oklahoma Register, Volume 41, Issue 23, August 15, 2024, eff. 8/25/2024