17 CAR § 270-110 – Clean irrevocable letter of credit

(a)
1. (1) Every company posting a clean irrevocable letter of credit with the Professional Bail Bond Company and Professional Bail Bondsman Licensing Board pursuant to Arkansas Code § 17-19-205 shall post such letter using the form approved by the board and contained in Appendix F of this part.
2. (2) Copies of the clean irrevocable letter of credit may be obtained from the board.
(b) Substituted forms from financial institutions are not acceptable.
(c)
1. (1) No letter of credit shall be subject to termination or cancellation by either party in less than sixty (60) days after the giving of written notice thereof to the other parties and the board.
2. (2) Notice of termination or cancellation to the board shall be by certified mail, return receipt requested.
(d) No termination or cancellation shall affect the liability of the surety or sureties on a bond incurred prior to the effective date of termination or cancellation.