(a) An agent appointed by the bank, nondepository trust company or credit union, the agent may provide a fidelity bond in an amount at least twice the average monthly collections of such agent, provided:
- (1) Such agent makes settlement with the bank, nondepository trust company or credit union at least monthly; and
- (2) Such bond is approved by the board of directors, managers or trustees of the bank, nondepository trust company or credit union.
- (b) An agent that is a financial institution insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration shall not need a bond.
Source. #6536, eff 7-2-97, EXPIRED: 7-2-05 New. #9767, eff 8-21-10, EXPIRED: 8-21-18