Section 15-604 - Title service agent's bond. - Maryland Statutes

§ 15-604. Title service agent's bond.
 

(a)  Exceptions.- This section does not apply to: 

(1) A licensed dealer who is in compliance with the surety bond requirement of Subtitle 3 of this title; or 

(2) A motor club that is in compliance with the surety bond requirement of § 26-204 of the Insurance Article. 

(b)  Bond required.- After the Administration notifies an applicant of the approval of an application and before the Administration issues a license, the applicant shall file with the Administration a surety bond in the form and with the surety that the Administration approves. 

(c)  Amount of bond.- The amount of the surety bond shall be $25,000. 
 

[An. Code 1957, art. 661/2, § 5-804; 1977, ch. 14, § 2; 1997, ch. 70, § 4; 1999, ch. 14.]