La. Admin. Code tit. 55 § III-1627

Current through Register Vol. 50, No. 11, November 20, 2024

Section III-1627 - Bond Requirement (Formerly section 1617)

A. All public tag agents other than municipal and parish governing authorities shall furnish security for the faithful performance of their duties as follows.

1. Each public tag agent other than a municipal governing authority shall execute a good and sufficient surety bond with a surety company qualified to do business in Louisiana as surety, in a sum of not less than $100,000 which bond shall name the Department of Public Safety and Corrections, Office of Motor Vehicles as obligee and shall be subject to the condition that, if such public tag agent shall, throughout the entire term of the bond, timely file with the office of motor vehicles all applications delivered to such public tag agent for filing, and all fees and taxes collected by such public tag agent, the obligation shall be void. If the company does not do so, the obligation of the surety shall remain in full force and effect. A public tag agent having multiple locations need furnish only a single $125,000 surety bond in addition to any other bonds required by law.

2. Surety bond must be valid for the duration of the public tag agent contract.

3. The surety bond furnished pursuant to §1625 shall be delivered to and filed with the Department of Public Safety and Corrections, Office of Motor Vehicles.

La. Admin. Code tit. 55, § III-1627

Promulgated by the Department of Public Safety and Corrections, Office of Motor Vehicles, LR 27:1928 (November 2001), repromulgated LR 49333 (2/1/2023), Amended LR 491127 (6/1/2023).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:532.1.