§ 36.452. Amount of surety bond or letter of credit.
(a) A registrant who maintains a surety bond to satisfy the requirements of AMCRA and § 36.451 (relating to requirements for surety bond or letter of credit) shall maintain a bond in the amount of $40,000.
(b) A registrant who maintains a letter of credit to satisfy the requirements of AMCRA and § 36.451 shall maintain a letter of credit in the amount of $40,000.
(c) The Board may require additional amount or form of security for the following reasons:
(1) As a penalty for a violation of AMCRA or this subchapter regarding the nonperformance of services or nonpayment of fees, or a violation of a similar law or regulation of another jurisdiction.
(2) A change in a company’s authorization to transact surety business in this Commonwealth or a change in the financial strength or rating of the issuer of the letter of credit.
(3) A failure to maintain the bond or letter of credit in the minimum amount required by AMCRA or this subchapter, whichever is greater.
Cross References This section cited in 49 Pa. Code § 36.404 (relating to content of application); 49 Pa. Code § 36.422 (relating to early termination of registration); and 49 Pa. Code § 36.451 (relating to requirements for surety bond or letter of credit).
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