Md. Code Regs. 11.15.31.19

Current through Register Vol. 52, No. 1, January 10, 2025

Section 11.15.31.19 - Surety Bonds

A. A contractor shall furnish a surety bond:

(1) In an amount established by the Administration;

(2) Based on transfers or projected transfers of annual funds from electronic vehicle titling and registration transactions; and

(3) In an amount comparable to the average weekly funds transferred.

B. A participant shall certify, in a form acceptable by the Administration, that a surety bond in the amount required by Transportation Article, §§ 15-308 and 15-604, Annotated Code of Maryland, is currently, and will continue to remain, in effect.

C. Except for §B of this regulation, all other participants shall furnish a surety bond in the amount of $25,000.

D. A bond required under this regulation shall:

(1) Remain in force for the term of the contractor, or participant's, agreement;

(2) Be executed by a surety company authorized to do business in the State;

(3) Be in a form approved by the Maryland Insurance Administration; and

(4) Be adjusted annually as determined by the Administration pursuant to §A of this regulation.

Md. Code Regs. 11.15.31.19