Current as of January 01, 2019 | Updated by FindLaw Staff
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(a) Instead of the surety bond required by section 5-19-213, a provider may deliver to the administrator, in the amount required by section 5-19-213(b), and, except as otherwise provided in subsection (a)(1) of this section, payable or available to this state and to individuals who reside in this state when they agree to receive debt-management services from the provider, as their interests may appear, if the provider or its agent does not comply with this part 2:
(1) With the approval of the administrator, an irrevocable letter of credit, issued or confirmed by a bank approved by the administrator, payable upon presentation of a certificate by the administrator stating that the provider or its agent has not complied with this part 2.
(b) If a provider furnishes a substitute pursuant to subsection (a) of this section, the provisions of section 5-19-213(a), (c), (d), and (e) apply to the substitute.
Cite this article: FindLaw.com - Colorado Revised Statutes Title 5. Consumer Credit Code § 5-19-214. Bond required--substitute - last updated January 01, 2019 | https://codes.findlaw.com/co/title-5-consumer-credit-code/co-rev-st-sect-5-19-214/
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