1. (a) After the Administration notifies an applicant of the approval of an application and before the Administration issues a license, the applicant shall file with the Administration a surety bond in the form and with the surety that the Administration approves.
2. (b) The amount of the surety bond shall be $40,000.

Added by Acts 1977, c. 14, § 2, eff. July 1, 1977. Amended by Acts 1996, c. 404, § 1, eff. Oct. 1, 1996; Acts 1999, c. 436, § 1, eff. Oct. 1, 1999.