Md. Code, Ins. § 10-206

Current with changes from the 2024 Legislative Session

Section 10-206 - Bond required

An applicant for a license shall file with the Commissioner a bond that:

(1) is approved by the Commissioner as to form and sufficiency of security;

(2) is executed by the applicant and an authorized surety insurer;

(3) is in the penal sum of $1,000;

(4) is conditioned on the applicant faithfully performing the duties of an adviser;

(5) runs to the State; and

(6) specifically authorizes the State to recover the penal sum of the bond if the applicant is guilty of fraudulent or dishonest practices while acting as an adviser.

Md. Code, IN § 10-206