Section 40-12-414 License - Proof of financial responsibility. - Alabama Statutes

Section 40-12-414

License - Proof of financial responsibility.

Every person, firm or corporation, before being licensed under this article, must show proof of responsibility by depositing with the Commissioner of Revenue cash in the amount of $10,000 or a continuing bond in the amount of $10,000 with surety thereon of a company authorized to do business in the State of Alabama, which bond shall be approved by the Commissioner of Revenue, payable to the State of Alabama, and shall be conditioned upon the faithful observance of all the provisions of this article and shall also indemnify any person who suffers any loss by reason of a failure to observe the provisions of this article.

(Acts 1979, No. 79-756, p. 1342, §5; Acts 1981, No. 81-811, p. 1449, §1; Acts 1991, No. 91-321, p. 595, §1.)