Current through Register Vol. 54, No. 24, June 15, 2024
Section 36.453 - Form of surety bond(a) A surety bond held by a registrant to satisfy the requirements of AMCRA and this subchapter must include all of the following: (1) The name and mailing address of the registrant.(2) The name and title of the compliance person.(3) The name, mailing address, telephone number and National Association of Insurance Commissioners company code of the surety.(4) The policy number for the surety bond.(5) Indemnification for claims that arise or occur for the benefit of: (i) The Commonwealth or the public for nonperformance of obligations under AMCRA or this subchapter that occur during the period of the surety bond.(ii) An appraiser who has performed an appraisal of real property located in this Commonwealth for the registrant during the period of the surety bond for which the appraiser has not been paid.(6) An agreement by the surety to notify the Bureau if the surety bond is cancelled or terminated.(b) The aggregate liability of the surety may not exceed the principal sum of the bond.(c) The surety bond must be continuous and remain in full force and effect until the license is terminated or not renewed, or the bond is cancelled by the surety. 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).