1. A. A contractor shall furnish a surety bond:

   1. (1) In an amount established by the Administration;
   2. (2) Based on transfers or projected transfers of annual funds from electronic vehicle titling and registration transactions; and
   3. (3) In an amount comparable to the average weekly funds transferred.
2. B. A participant shall certify, in a form acceptable by the Administration, that a surety bond in the amount required by Transportation Article, §§15-308 and 15-604, Annotated Code of Maryland, is currently, and will continue to remain, in effect.
3. C. Except for §B of this regulation, all other participants shall furnish a surety bond in the amount of $25,000.

4. D. A bond required under this regulation shall:

   1. (1) Remain in force for the term of the contractor, or participant's, agreement;
   2. (2) Be executed by a surety company authorized to do business in the State;
   3. (3) Be in a form approved by the Maryland Insurance Administration; and
   4. (4) Be adjusted annually as determined by the Administration pursuant to §A of this regulation.

Authority: Transportation Article, §§12-104(b), 13-108.1, 13-113, and 13-610, Annotated Code of Maryland

Effective date: July 23, 2001 (28:14 Md. R. 1322)

Regulation .09A amended effective November 6, 2006 (33:22 Md. R. 1733)

Regulation .11 amended effective February 24, 2020 (47:4 Md. R. 261)

Regulation .12C amended effective February 24, 2020 (47:4 Md. R. 261)

Regulation .16C, D amended effective February 24, 2020 (47:4 Md. R. 261)

Regulation .17C amended effective February 24, 2020 (47:4 Md. R. 261)