Sec. 11.12.01.06. Dealer’s Bond

A. The dealer’s bond shall be secured from a bonding company licensed to do business in Maryland.

B. Each applicant shall file with the Administration, in such form as the Administration shall approve, acceptable evidence of a surety bond in the amount required under Transportation Article, §15-308, Annotated Code of Maryland, which is for the use and benefit of the Administration and the public who may suffer or sustain any loss by reason of any violation of Transportation Article, Titles 12-15, 17, and 23, Annotated Code of Maryland, by a dealer.

C. The bonding company shall give the Administration at least 45 days’ notice by registered or certified mail of the cancellation of the dealer’s bond. Otherwise, the bond is to be considered as being in full force and effect until the notice is received by the Administration.

D. The bond shall run concurrently with the license period and continue, until cancelled, regardless of the number of license renewal periods.

E. The dealer shall notify the Administration and the dealer’s bonding company of any change in the factual or material matters represented or set forth in the application for bond.