The bond required by AS 08.24.140 and 08.24.150 shall be in the form substantially as follows:

BONDKnow all Men by These Presents that we,.................................., as principal, and ..................................as surety, are held and firmly bound to the State of Alaska, in the penal sum of $............, lawful money of the United States, for the payment of which we bind ourselves, our heirs, executors, administrators, successors and assigns jointly and severally.The condition of this obligation is such that whereas, the bonded principal, named above, has applied to the Department of Commerce, Community, and Economic Development of the State of Alaska for a collection agency license under the provisions of AS 08.24 and is required by the provisions of that law to furnish a bond conditioned as herein set out.Now, therefore, if.................................., within 30 days after the close of each fiscal or calendar month, reports and pays to customers the net proceeds due and payable of all collections made during that calendar or fiscal month which exceed $20, and strictly, honestly and faithfully complies with the provisions of AS 08.24 and all amendments to it and regulations adopted under it, then this obligation is void, otherwise to remain in full force and effect.This bond becomes effective on the.........day of........., 2..... The surety may be relieved of future liability under it by giving 60 days' written notice to the principal and to the Department of Commerce, Community, and Economic Development of the State of Alaska.This bond is one continuing obligation and the liability of the surety for the aggregate of all claims which may arise under it may in no event exceed the amount of the penalty set out in it.IN WITNESS WHEREOF we have hereunto set our hands and seals at.................................., Alaska, this.........day of........., 2..... (SEAL)..................................Principal (SEAL)..................................Surety