Maryland § 5-1109
Full text of Maryland Maryland Code § 5-1109, with citation guidance and answers to common questions.
§ 5-1109.
(a) On acceptance by the Attorney General of a transferee’s application for registration as a structured settlement transferee, the transferee shall promptly:
(1) File with the Attorney General an irrevocable letter of credit in the amount of $100,000 issued by a financial institution;
(2) Deposit with the Attorney General cash in the amount of $100,000; or
(3) File with the Attorney General a bond that is:
(i) In favor of the State;
(ii) In the penal sum of $100,000; and
(iii) Executed by an authorized surety insurer.
(b) A bond shall remain in force until the surety insurer is released from liability by the Attorney General or until the bond is canceled by the surety insurer.
(c) The total liability of the surety insurer under a bond may not exceed the penal sum of the bond.
(d) (1) (i) The surety insurer may cancel a bond after filing a written notice with the Attorney General at least 30 days before the effective date of the cancellation.
(ii) A cancellation under this subsection does not affect any liability that accrued before the cancellation.
(2) After notification of the cancellation of the bond, the transferee shall act promptly to replace the bond.
(3) If the transferee fails to act promptly to replace the bond, the Attorney General may deny, suspend, or revoke the registration of the transferee until the required bond is filed.
(e) If, at any time, a structured settlement transferee fails to comply with subsection (a) of this section, the Attorney General may deny, suspend, or revoke the registration of the transferee until the transferee complies with subsection (a) of this section.
Frequently Asked Questions About Maryland § 5-1109
What does Maryland Code § 5-1109 cover?
Section 5-1109 is part of the Maryland Code, the codified statutory law of Maryland. 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 Maryland § 5-1109?
A common citation format is "Maryland Code § 5-1109" (Maryland). 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 Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 5-1109 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland 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 Maryland.