Section 6-6-2.5-46 - Filing of new bond; conditions; cancellation of license; reduction of cash deposit by judgment; additional deposit(a) The commissioner may require a licensee to file a new bond with a satisfactory surety in the same form and amount if: (1) liability upon the previous bond is discharged or reduced by the judgment rendered, payment made, or otherwise disposed of; or(2) in the opinion of the commissioner, any surety on the previous bond becomes unsatisfactory. If the new bond is unsatisfactory, the commissioner shall cancel the license. If the new bond is satisfactorily furnished, the commissioner shall release in writing the surety on the previous bond from any liability accruing after the effective date of the new bond.
(b) If a licensee has a cash deposit with the commissioner and the deposit is reduced by a judgment rendered, payment made, or otherwise disposed of, the commissioner may require the licensee to make a new deposit equal to the amount of the reduction.As added by P.L. 277-1993 (ss), SEC.44.