5 Del. Admin. Code § 3402-2.0
Current through Reigster Vol. 28, No. 6, December 1, 2024
Section 3402-2.0 - Amount of Bond or Irrevocable Letter of Credit2.1 Each licensee shall obtain a surety bond or irrevocable letter of credit based upon the maximum dollar value of the trust funds it held as a trustee during the twelve month period ending October 31 that precedes the calendar year for which the bond or irrevocable letter of credit is effective. A licensee who obtains a surety bond that is effective for more than one year or an irrevocable letter of credit shall annually review the amount of the surety bond or letter of credit, to ensure that the minimum required amount is maintained. The minimum required amount of the surety bond or irrevocable letter of credit shall be maintained according to the following table: | Maximum Dollar Value of Trust Funds Held by Licensee | Minimum Required Amount of Surety Bond or Irrevocable Letter of Credit |
| not more than $50,000 | $50,000 |
| $50,001 - $75,000 | $75,000 |
| $75,001 - $100,000 | $100,000 |
| $100,001 - $125,000 | $125,000 |
| $125,001 - $150,000 | $150,000 |
| $150,001 - $175,000 | $175,000 |
| $175,001 and over | $200,000 |
2.2 Subject to the $200,000 cap, the Commissioner may require a licensee to obtain a larger surety bond or irrevocable letter of credit based upon the licensee's individual circumstances.5 Del. Admin. Code § 3402-2.0
11 DE Reg. 693 (11/01/07)
18 DE Reg. 159 (8/1/2014) (Final)