1132 - Deposit in lieu of surety bond. - Pennsylvania Statutes

§ 1132. Deposit in lieu of surety bond. In lieu of the surety bond required by section 1131 (relating to promoters and foreign copromoters required to file bonds), the promoter may deposit with the department cash, a certified check, letter of credit or direct obligations of the United States or the Commonwealth of Pennsylvania acceptable to the department, in an equivalent amount and subject to the same conditions. The security shall not be returned to the promoter until one year after the date on which it was deposited with the department, unless a surety bond is substituted for the security. Upon the expiration of one year from the date on which the security was deposited, it shall be returned to the depositor if no claim against the deposit is outstanding.