§ 19-14.3-2 - Securities in lieu of bonds. - Rhode Island Statutes

SECTION 19-14.3-2

   § 19-14.3-2  Securities in lieu of bonds.– In lieu of the required surety bond or bonds, or of any portion as required bychapter 14, the applicant may deposit with the director or the director'sdesignee with the financial institutions, credit unions or national banks inthis state that the applicant may designate and the director or his or herdesignee may approve, United States government/agency obligation or stateobligations, to an aggregate amount, based upon principal amount or marketvalue, whichever is lower, of not less than the amount of the required suretybond. The securities shall be deposited and held to secure the same obligationsas would the surety bond, but the licensee shall be entitled to receive allinterest and dividends thereon, shall have the right, with the approval of thedirector or the director's designee, to substitute other securities for thosedeposited, and shall be required to substitute securities on the written orderof the director or the director's designee.