Current through Register Vol. 54, No. 49, December 7, 2024
Section 1019.12 - Bond required(a) Within 30 days of receipt of the Authority's email notification of its intention to grant an applicant's SA-1 application, the applicant shall file a bond or irrevocable letter of credit consistent with this section with the Authority.(b) A dispatcher may not provide dispatching services unless the bond or irrevocable letter of credit required by this section has been filed and accepted by the Authority and the requirements in § 1003.51(f) (relating to applications generally) have been satisfied.(c) A dispatcher's bond or irrevocable letter of credit shall be issued in an amount of at least $10,000 and upon terms and in a form as will insure the dispatcher's adherence to the law, the Authority's regulations and orders and the interests of the dispatcher's clients, including payment of all fines, fees and penalties incurred by the dispatcher.