2.59.1706    SURETY BOND

(1) The surety bond must be issued by a surety company authorized to do business in the state of Montana. The bond, including any and all riders and endorsements executed subsequent to the effective date of the bond, must be placed on file with the NMLS. The entity name on the application and on the surety bond must match exactly. The bond must be continuous. Whether or not the bond is renewed, continued, reinstated, reissued, or otherwise extended, replaced, or modified, including increases or decreases in the penal sum, it is deemed one continuous obligation, and the surety upon the bond is not liable in an aggregate or cumulative amount exceeding the penal sum set forth on the face of the bond.

(2) Remedies relating to the bond are cumulative and nonexclusive and do not affect any other remedy available at law.

History: 32-9-130, MCA; IMP, 32-9-123, MCA; NEW, 2004 MAR p. 1133, Eff. 5/7/04; AMD, 2010 MAR p. 307, Eff. 2/12/10; AMD, 2012 MAR p. 1762, Eff. 9/7/12; AMD, 2017 MAR p. 1049, Eff. 7/8/17.