Section 5-19-214 - Bond required - substitute(a) Instead of the surety bond required by section 5-19-213, a provider may deliver to the administrator, in the amount required by section 5-19-213(b), and, except as otherwise provided in subsection (a)(1) of this section, payable or available to this state and to individuals who reside in this state when they agree to receive debt-management services from the provider, as their interests may appear, if the provider or its agent does not comply with this part 2: (1) With the approval of the administrator, an irrevocable letter of credit, issued or confirmed by a bank approved by the administrator, payable upon presentation of a certificate by the administrator stating that the provider or its agent has not complied with this part 2.(b) If a provider furnishes a substitute pursuant to subsection (a) of this section, the provisions of section 5-19-213(a), (c), (d), and (e) apply to the substitute.Renumbered from C.R.S. § 12-14.5-214 and amended by 2017 Ch. 260,§ 4, eff. 8/9/2017.L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1148, § 4, effective August 9.This section is similar to former § 12-14.5-214 as it existed prior to 2017.