75-27-313 - Surety bond. - Mississippi Statutes

§ 75-27-313. Surety bond.
 

At the time application is made for a bonded weighmaster's license and before the issuance of such license by the commissioner, applicant shall file with the commissioner a bond in the penal sum of Five Thousand Dollars ($5,000.00) payable to the State of Mississippi with surety to be approved by the Commissioner of Insurance for the faithful performance of the duties of a bonded weighmaster. The bond must be conditioned on the accurate weight or measure of the property, commodity, produce or article recorded on the official weight or measurement certificate issued by the bonded weighmaster and on compliance with all laws and rules governing public weighers. Said bond may be put in suit by any damaged party. However, the aggregate liability of the surety regardless of the number of claims shall not exceed the bond penalty. 
 

Evidence shall be supplied to the commissioner annually, at the time license is renewed, that the bond continues in force and effect. In the event the bond is cancelled or will not be renewed, the bonding company shall notify the commissioner in writing at least thirty (30) days prior to the cancellation of such bond. If a bond is cancelled or fails to be renewed by the bonded weighmaster, the license issued hereunder shall automatically stand void and repealed; provided, however, the license shall not stand void and repealed if a new bond, as required herein, is filed with the commissioner prior to the expiration date of the original bond. 
 

Sources: Laws,  1982, ch. 430, § 7; Laws, 2003, ch. 369, § 1, eff from and after July 1, 2003.