Current through Register Vol. 54, No. 24, June 15, 2024
Section 36.452 - Amount of surety bond or letter of credit(a) A registrant who maintains a surety bond to satisfy the requirements of AMCRA and § 36.451 (relating to requirements for surety bond or letter of credit) shall maintain a bond in the amount of $40,000.(b) A registrant who maintains a letter of credit to satisfy the requirements of AMCRA and § 36.451 shall maintain a letter of credit in the amount of $40,000.(c) The Board may require additional amount or form of security for the following reasons: (1) As a penalty for a violation of AMCRA or this subchapter regarding the nonperformance of services or nonpayment of fees, or a violation of a similar law or regulation of another jurisdiction.(2) A change in a company's authorization to transact surety business in this Commonwealth or a change in the financial strength or rating of the issuer of the letter of credit.(3) A failure to maintain the bond or letter of credit in the minimum amount required by AMCRA or this subchapter, whichever is greater. This section cited in 49 Pa. Code § 36.404 (relating to content of application); 49 Pa. Code § 36.422 (relating to early termination of registration); and 49 Pa. Code § 36.451 (relating to requirements for surety bond or letter of credit).