Section 26-3-7-9 - Bond, cash deposit, or letter of credit(a) Each applicant for a license under this chapter shall, as a condition of licensure, file or have on file with the director:(2) an irrevocable letter of credit;(4) any combination of the above; as provided in section 10 of this chapter.
(b) A bond filed under this chapter shall:(1) be conditioned upon the faithful performance of all obligations of the licensee under this chapter and the rules adopted under this chapter from the effective date of the bond until the earlier of the date the license is revoked or the bond is canceled as provided in this chapter; and(2) be further conditioned upon the faithful performance of all obligations from the effective date of the bond and thereafter, regardless of whether the licensee's facility or facilities exist on the effective date of the bond or are thereafter assumed prior to the date the licensee's license is revoked or the bond is canceled as provided in this chapter.(c) The bond must remain in effect during a violation, a temporary suspension of the licensee's license, or a period during which the licensee is subject to a cease and desist order.(Formerly: Acts1973 , P.L. 268, SEC.1; Acts1974 , P.L. 120, SEC.6; Acts1975 , P.L. 277, SEC.6.) As amended by Acts1979 , P.L. 249, SEC.5; Acts1982 , P.L. 155, SEC.8; P.L. 191-1991, SEC.6; P.L. 125-1997, SEC.28; P.L. 173-1999, SEC.5.