Indiana Code 25-34.1-5-3. Bond; obligee; requirements; liability; continuity; cancellation
(b) The bond shall be:
Terms Used In Indiana Code 25-34.1-5-3
- Commission: means the Indiana real estate commission. See Indiana Code 25-34.1-1-2
- Course approval: means approval of a broker course granted under this article which is not expired, suspended, or revoked. See Indiana Code 25-34.1-1-2
- Person: means an individual, a partnership, a corporation, or a limited liability company. See Indiana Code 25-34.1-1-2
(2) in such form and with such terms and conditions as the commission may require;
(3) conditioned upon faithful compliance with all requirements of an approved course as provided by this article and the commission’s regulations; and
(4) effective from its effective date and continue in effect until cancelled.
The total and aggregate liability of the surety on a bond is limited to the amount specified in the bond and the continuous nature of the bond may in no event be construed as allowing the liability of the surety under a bond to accumulate for each successive approval period during which the bond is in force.
(c) To provide continuous bonding of the school’s activities, a school providing an approved course may not cancel a bond without the commission’s prior written approval of cancellation and approval of a substitute bond.
(d) The surety on a bond may cancel a bond filed under this article only after ninety (90) days from the date the surety mails a notice of intent to cancel, by registered or certified mail with return receipt requested, to the commission and to the school.
(e) To provide continuous bond coverage of the school’s activities, the school shall give written notice to the commission, not later than thirty (30) days prior to the date upon which a bond cancellation becomes effective, that a new bond has been obtained.
As added by Acts 1979, P.L.248, SEC.1.