17.24.1106    BONDING: TERMS AND CONDITIONS OF BOND

(1) In addition to the requirements of 82-4-223, MCA, surety bonds must be subject to the following requirements:

(a) the department may not accept surety bonds from a surety company for any person, on all permits held by that person, in excess of three times the company's maximum single obligation as provided in (1)(b);

(b) the department may not accept surety bonds from a surety company that is not listed in the U.S. Department of the Treasury's listing of approved sureties (Circular 570); and

(c) the surety bond must provide a mechanism for the surety company to give prompt notice to the department and the permittee of any action alleging bankruptcy or insolvency of the surety or the permittee, or violation that would result in suspension or revocation of the license of the surety.

 

History: 82-4-205, MCA; IMP, 82-4-223, 82-4-232, 82-4-235, MCA; NEW, 1980 MAR p. 725, Eff. 4/1/80; AMD, 1989 MAR p. 30, Eff. 1/13/89; TRANS, from DSL, 1996 MAR p. 2852; AMD, 2004 MAR p. 2548, Eff. 10/22/04; AMD, 2024 MAR p. 258, Eff. 2/10/24.