Vermont § 2903 - Bond

§ 2903. Bond

• (a) Prior to issuance of a license, the applicant shall file with the Commissioner and
  shall keep in force thereafter for as long as the license remains in effect, a bond
  in a form and substance to be approved by the Commissioner in which the applicant
  shall be the obligor, in the amount of $100,000.00 or in such sum as the Commissioner
  may require. The aggregate liability for any and all claims on any bond shall in no
  event exceed the sum thereof. No surety obligation on a bond shall be terminated unless
  at least 60 days’ prior written notice is given by the surety to the obligor and the
  Commissioner. When one person is issued licenses to conduct the licensed activity
  at more than one office, the Commissioner may accept a single bond covering all such
  offices. The bond shall run to the State for the use of the State and of any person
  or persons who may have a cause of action against the obligor of such bond under the
  provisions of this chapter. Such bond shall be conditioned that the obligor will faithfully
  conform to and abide by the provisions of this chapter and of all rules and regulations
  lawfully made by the Commissioner hereunder, and will pay to the State and to any
  such person or persons any and all monies that may become due or owing to the State
  or to such person or persons from such obligor under and by virtue of the provisions
  of this chapter. (b) When an action is commenced on a licensee’s bond, the Commissioner may require the
  filing of a new bond. Immediately upon recovery upon any action on the bond, the licensee
  shall file a new bond. (c) Notwithstanding subsections (a) and (b) of this section, the Commissioner may waive
  or modify the requirement for or the amount of a bond or accept other appropriate
  means of ensuring the financial responsibility of a licensee. (Added 2009, No. 96 (Adj. Sess.), § 1, eff. Jan. 1, 2011.)