Sec. 3. (a) The commission shall be the obligee under the bond.
(b) The bond shall be:
(1) executed by the person seeking course approval and by a corporate surety, licensed to do business in the state, as surety;
(2) in such form and with such terms and conditions as the commission may require;
(3) conditioned upon faithful compliance with all requirements of an approved course as provided by this article and the commission's regulations; and
(4) effective from its effective date and continue in effect until cancelled.
The total and aggregate liability of the surety on a bond is limited to the amount specified in the bond and the continuous nature of the bond may in no event be construed as allowing the liability of the surety under a bond to accumulate for each successive approval period during which the bond is in force.
(c) To provide continuous bonding of the school's activities, a school providing an approved course may not cancel a bond without the commission's prior written approval of cancellation and approval of a substitute bond.
(d) The surety on a bond may cancel a bond filed under this article only after ninety (90) days from the date the surety mails a notice of intent to cancel, by registered or certified mail with return receipt requested, to the commission and to the school.
(e) To provide continuous bond coverage of the school's activities, the school shall give written notice to the commission, not later than thirty (30) days prior to the date upon which a bond cancellation becomes effective, that a new bond has been obtained.
As added by Acts 1979, P.L.248, SEC.1.
Structure Indiana Code
Title 25. Professions and Occupations
Article 34.1. Real Estate Brokers and Salespersons
Chapter 5. Educational Courses
25-34.1-5-1. Approval and Permit Required for Broker Course
25-34.1-5-2. Application for Approval
25-34.1-5-3. Bond; Obligee; Requirements; Liability; Continuity; Cancellation
25-34.1-5-4. Approval of Broker Education Courses
25-34.1-5-6. Commission's Considerations; Factors
25-34.1-5-7. Expiration of Approval and Permit; Renewal
25-34.1-5-8. Inspection of Records and Facilities
25-34.1-5-9. Denial, Suspension, or Revocation of Approval and Permit
25-34.1-5-10. Prohibited Advertising
25-34.1-5-11. Additional Fees for Review Class Prohibited
25-34.1-5-12. Real Estate Education Advisory Council Makes Course Recommendations