§ 3012 - Discharge of surety - Vermont Statutes

§ 3012. Discharge of surety

Any surety on a bond furnished by a licensee shall be discharged from any liability to the state accruing on the bond after expiration of 60 days from the date the surety shall have filed with the commissioner a written request to be released and discharged, but the surety shall not be released or discharged from liability already accrued or which shall accrue before the expiration of the 60-day period. The commissioner, upon receipt of such a request, shall promptly notify by mail the licensee who furnished the bond. Unless the licensee, prior to the expiration of the 60-day period, files a new bond satisfactory to the commissioner, the commissioner shall revoke his license. (Added 1981, No. 172 (Adj. Sess.), § 1.)