28-5005 - Arizona Statutes

28-5005. Fees; bond A. The applicant shall submit a filing fee of fifteen dollars with the application. Each licensee shall pay an annual license fee of ten dollars. B. A bond in a form approved by the director and in an amount of at least twenty-five thousand dollars as the director prescribes is required with an application. The bond: 1. Shall be executed by a surety company authorized to transact business in this state as a surety on the bond, with the applicant as principal obligor on the bond and the state as obligee. 2. Shall be conditioned that the applicant will faithfully comply with all of the provisions of law and that the bond is noncancellable without at least sixty days' written notice to the director. 3. Inures to the benefit of a person who suffers loss because of any of the following: (a) Nonpayment by the company of any title fee, registration fee or other related fee or tax paid to the company by that person. (b) Insolvency. (c) Discontinuance of business. (d) Any unlawful act of the company.