1. (a) As used in this section, "license bond" refers to a surety bond required by a political subdivision as a condition that the political subdivision issue a license or a permit to a person.

2. (b) If a political subdivision requires a person to post a license bond, a surety bond posted by the person is considered sufficient if the following conditions are satisfied:

   1. (1) The bond is written by a surety company authorized to transact business in Indiana.
   2. (2) The obligation on the bond is for an amount that is at least the amount required by the political subdivision for the issuance of the particular license or permit. A political subdivision may not require the obligation on a license bond to be more than fifteen thousand dollars ($15,000).

   3. (3) The obligee or obligees named on the bond are any of the following:

      1. (A) The political subdivision that requires the license bond.
      2. (B) Specifically named political subdivisions in the county that include the name of the political subdivision that requires the license bond.
      3. (C) All political subdivisions in the county in which the political subdivision that requires the license bond is located.
      4. (D) All political subdivisions of the same kind as the political subdivision that requires the license bond located in the county.
   4. (4) The conditions of the bond otherwise comply with the requirements of the ordinance that imposes the license bond condition.
3. (c) A person required to post a license bond satisfies the posting requirement if the person files a copy of the license bond with the political subdivision or appropriate agency of the political subdivision that requires the license bond. A political subdivision may not require that the person record the license bond.

As added by P.L.123-2019, SEC.1.