Maine § 9409. - Bonding requirement
Full text of Maine Maine Revised Statutes § 9409. — Bonding requirement, with citation guidance and answers to common questions.
§ 9409.. Bonding requirement
1. Requirement. The requirements for bonding are as follows.
A. A person licensed under this chapter shall give to the commissioner a bond in the sum of $10,000 if he is a resident, and in the sum of $50,000 if he is not a resident, of the State. [PL 1981, c. 113, §2 (NEW).]
B. For the purposes of this section, corporation is a resident if it is incorporated under the laws of this State. Any other person is a resident if the natural person who qualifies for the license resides in this State. [PL 1981, c. 113, §2 (NEW).]
2. Form of bond. Each bond shall be:
A. In a form prescribed by the commissioner; [PL 1981, c. 113, §2 (NEW).]
B. Executed by the licensee as principal and by a surety company authorized to do business as such in this State as surety; and [PL 1981, c. 113, §2 (NEW).]
C. Conditioned upon the honest conduct of the licensee and the right of any person, including the officer of any aggrieved labor union or association, whether or not incorporated, injured by the intentional, knowing, reckless or negligent act of the licensee to bring, in his own name, an action on the bond. [PL 1981, c. 113, §2 (NEW).]
Frequently Asked Questions About Maine § 9409.
What does Maine Revised Statutes § 9409. cover?
Section 9409. ("Bonding requirement") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 9409.?
A common citation format is "Maine Revised Statutes § 9409." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 9409. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.