Each private nursing facility covered by §§ 34-12-15.1 to 34-12-15.10, inclusive, which is handling or will handle money on a monthly basis of over fifty dollars per resident per month, or over five hundred dollars for all residents per month, shall file with the agency licensing the facility, a surety bond in the following amounts:

(1) If the amount to be handled is seven hundred fifty dollars per month or less the bond required shall be one thousand dollars;

(2) If the amount to be handled is seven hundred fifty–one dollars to one thousand five hundred dollars the bond required shall be two thousand dollars; and

(3) If the amount to be handled is one thousand five hundred one dollars to two thousand five hundred dollars the bond required shall be three thousand dollars.

Every further increment of one thousand dollars or fraction thereof shall require an additional one thousand dollars on the bond.

Source: SL 1977, ch 279, § 9.