75-15-29 - Bond increase. - Mississippi Statutes

§ 75-15-29. Bond increase.
 

Any provision hereof to the contrary notwithstanding, the commissioner may at any time, if in his sole opinion the protection of the public so requires, increase the principal sum of the bond or the aggregate market value of the deposit required of any applicant or licensee by Section 75-15-11 but in no case shall the principal sum of the bond or the aggregate market value of the deposit required by Section 75-15-11 exceed Two Hundred Fifty Thousand Dollars ($250,000.00) and provided further, that in any situation, where a revocation order has been issued and the licensee involved has posted the additional bond required under Section 75-15-27, for suspension thereof, pending final determination, the commissioner may for the same reasons require the principal sum of the additional, suspension bond to be increased but in no case shall the principal sum thereof exceed Two Hundred Fifty Thousand Dollars ($250,000.00), and provided further that if the licensee originally deposited with his application under Section 75-15-11 of this chapter a corporate surety bond, the additional increase provided in this section must be by another corporate surety bond or an increase of the first one, written by the same corporate surety which wrote the first one and may not be a deposit of securities or if the licensee originally deposited securities, the additional increase shall also be of securities and not a corporate surety bond. 
 

Sources: Codes, 1942, § 5131-15; Laws,  1966, ch. 257, § 15; Laws,  1995, ch. 373, § 6, eff from and after July 1, 1995.