La. Admin. Code tit. 46 § LXVII-5705

Current through Register Vol. 50, No. 12, December 20, 2024

Section LXVII-5705 - Bonds

A. At the time of initial application, each applicant for registration as a timeshare interest salesperson shall provide evidence of one bond issued in favor of the state by a surety company authorized to do business in this state in the amount of $10,000 in accordance with R.S. 37:1437.1(E).

B. A new bond or a renewal or continuation of the original bond shall be required for each registration period. If a continuous bond is filed, a new or renewal bond is not required as long as the continuous bond remains in force and effect.

C. In the event a bond is revoked or canceled by the surety company, the timeshare registration of the named bondholder shall automatically be suspended until such time as a new bond is filed with the commission.

La. Admin. Code tit. 46, § LXVII-5705

Promulgated by the Department of Economic Development, Real Estate Commission, LR 26:60 (January 2000), amended by the Office of the Governor, Real Estate Commission, LR 37:3023 (October 2011).

AUTHORITY NOTE: Promulgated in accordance with R.S. 37:1431 et seq.