80A.10 Licensee’s bond.
1. A license shall not be issued unless the applicant files with the department a surety bond, in a minimum amount as follows:
a. Five thousand dollars in the case of an agency licensed to conduct only a bail enforcement business, private security business, or a private investigation business.
b. Ten thousand dollars in the case of an agency licensed to conduct more than one type of business licensed under this chapter.
2. The bond shall be issued by a surety company authorized to do business in this state and shall be conditioned on the faithful, lawful, and honest conduct of the applicant and those employed by the applicant in carrying on the business licensed.
3. The bond shall provide that a person injured by a breach of the conditions of the bond may bring an action on the bond to recover legal damages suffered by reason of the breach. However, the aggregate liability of the surety for all damages shall not exceed the amount of the bond.
4. Bonds issued and filed with the department shall remain in force and effect until the surety has terminated future liability by a written thirty days’ notice to the department.
84 Acts, ch 1235, §10; 85 Acts, ch 56, §3; 98 Acts, ch 1149, §8
Referred to in §80A.10A
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