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Rhode Island General Laws Title 19. Financial Institutions § 19-14.8-14. Bond required--Substitute

Current as of January 01, 2022 | Updated by FindLaw Staff

(a) Instead of the surety bond required by § 19-14.8-13, a provider may deliver to the director, in the amount required by § 19-14.8-13(b), and, except as otherwise provided in subsection (a)(2)(A) 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 chapter:

(1) A certificate of insurance issued by an insurance company authorized to do business in this state and rated at least “A” by a nationally recognized rating organization, with no deductible; or

(2) With the approval of the director:

(A) An irrevocable letter of credit, issued or confirmed by a bank approved by the director, payable upon presentation of a certificate by the director stating that the provider or its agent has not complied with this chapter; or

(B) Bonds or other obligations of the United States or guaranteed by the United States or bonds or other obligations of this state or a political subdivision of this state, to be deposited and maintained with a bank approved by the director for this purpose.

(b) If a provider furnishes a substitute pursuant to subsection (a), the provisions of § 19-14.8-13(a), (c), (d), and (e) apply to the substitute.

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Cite this article: FindLaw.com - Rhode Island General Laws Title 19. Financial Institutions § 19-14.8-14. Bond required--Substitute - last updated January 01, 2022 | https://codes.findlaw.com/ri/title-19-financial-institutions/ri-gen-laws-sect-19-14-8-14/

Read this complete Rhode Island General Laws Title 19. Financial Institutions § 19-14.8-14. Bond required--Substitute on Westlaw

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