Section 9-114 - Surety bond; irrevocable letter of credit, etc., of licensed agent. - Maryland Statutes

§ 9-114. Surety bond; irrevocable letter of credit, etc., of licensed agent.
 

(a)  In general.- The Director may require any lottery agent granted a license to post either an appropriate surety bond, irrevocable letter of credit, or cash security deposit in the amount that the regulations of the Agency set. 

(b)  Blanket bond.-  

(1) In lieu of a surety bond, irrevocable letter of credit, or cash security deposit, the Agency, at the discretion of the Director, may provide a blanket bond covering all or selected agents in accordance with the availability of bonds and the financial status of an individual or a corporation. 

(2) Bond requirements.- A bond provided by the Agency shall be: 

(i) provided at the agent's expense; and 

(ii) based upon a financial evaluation of the agent conducted by the Director. 
 

[An. Code 1957, art. 88D, § 8; 1984, ch. 284, § 1; 1991, ch. 163.]