37-43-306. Bond to be required. (1) The department, on issuance of a water well contractor’s or monitoring well constructor’s license under this chapter, shall require, before the person commences operations in this state, a good and sufficient surety bond or its equivalent in a certificate of deposit, cashier’s check, bank draft, or certified check, to be approved by the board, in the sum of $4,000, conditioned that the licensee will comply with the rules of the board.

Terms Used In Montana Code 37-43-306

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201

(2)A person who is licensed in more than one category need supply only one surety bond or its equivalent in a certificate of deposit, cashier’s check, bank draft, or certified check, to be approved by the board, for $4,000.

(3)A state or federal employee who is bonded by the state or federal government is not required to supply a bond during the course of employment with the state or federal government. A bond is required if the person ceases government employment.

(4)In lieu of the requirements of subsections (1) through (3), a firm, corporation, or partnership having more than two licensed water well contractors or monitoring well constructors may submit one bond in the amount of $10,000 for the entire firm, corporation, or partnership.