367.215. Failure to file audit report, effect of--surety bond posted, when. - Missouri Statutes

Failure to file audit report, effect of--surety bond posted, when.

367.215. The director of finance shall not issue a renewal license toany person or entity licensed under the provisions of sections 367.100 to367.200 unless the audit report is furnished as required by section367.210. In lieu of the requirements of sections 367.205 to 367.215, thelicensee may post a surety bond in the amount of one hundred thousanddollars. The bond shall be in a form satisfactory to the director andshall be issued by a bonding or insurance company authorized to do businessin the state to secure compliance with all laws relative to consumercredit. If, in the opinion of the director, the bond shall at any timeappear to be inadequate, insecure, exhausted, or otherwise doubtful,additional bond in a form and with surety satisfactory to the directorshall be filed within fifteen days after the director gives notice to thelicensee. A licensee may, in lieu of filing any bond required under thissection, provide the director with a one hundred thousand dollarirrevocable letter of credit, as defined in section 400.5-103, RSMo, issuedby any bank, trust company, savings and loan or credit union operating inMissouri.

(L. 1972 S.B. 405 § 3, A.L. 2001 H.B. 738 merged with S.B. 186)