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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 40. Premium Financing Act
- Section 30. Bond.
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. Annual License Fee.
AS 06.40.030. Bond.
- (a) The applicant shall file with the application a bond to be approved by the department in which the applicant is the
obligor, in the sum of $5,000 with one or more sureties. The bond shall be for the use of the state and any person who
may have a cause of action against the obligor under this chapter. The bond must state that the obligor will faithfully
conform to and abide by the provisions of this chapter and of all regulations lawfully adopted by the department, and
will pay to the state and to any person all money that may become due or owing to the state or to the person from the
applicant under this chapter. The aggregate liability of the surety for all breaches of the bond condition may not
exceed the penal sum of the bond, and the bond may be cancelled by the surety on 30 days notice to the commissioner.
- (b) If at any time the commissioner finds that the bond is unsatisfactory for any reason, the commissioner may require the
licensee to file, within 10 days after the receipt of a written demand for it, an additional bond complying with the
provisions of (a) of this section.
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