Section 51:1703 - Bond required; penaltyA. No rental referral agency shall require a deposit without first posting and maintaining a surety bond to guarantee the return of said deposits to persons who do not obtain housing through the listings or services of the agency. The bond shall be in the amount of five thousand dollars, and shall be posted with the secretary of state. Said bond shall be issued by a surety authorized to do business in this state.
B. The term of the bond shall be continuous, but it shall be subject to termination by the surety upon giving sixty days written notice to the principal and to the assistant secretary. The bond shall continue in effect during the sixty day period.C. A copy of said bond shall be conspicuously posted on the premises of the agency near the location where deposits are received.D. It shall be unlawful for any rental referral agency owner or employee to post an expired bond or a bond which does not meet the requirements of Section 1703.E. It shall be unlawful for any rental referral agency owner or employee to collect or attempt to collect any deposit toward a fee where a valid bond as required by Subsections A and B is not posted as required by Subsection C.F. Any person who is found guilty of any act prohibited by Subsections D and E of this Section shall be guilty of a misdemeanor and shall be fined five hundred dollars or imprisoned for one to six months, or both.Added by Acts 1979, No. 407, §1.Added by Acts 1979, No. 407, §1.