Jump to the first occurrence of "bond"
OCCUPATIONAL CODE (EXCERPT)
Act 299 of 1980
339.2513 Filing bond or posting cash deposit as condition precedent to issuance of license or removal of suspension; action by injured person.
If an application for a license is made by a person whose license has been denied, suspended, or revoked as a result of disciplinary action for violation of this article or of the rules promulgated under this article, the department may require as a condition precedent to the issuance of a license to the applicant or the removal of suspension, that the applicant file or have on file with the department a bond
for a period not to exceed 5 years, issued by an admitted surety insurer or cash in a sum to be fixed by the department, based upon the magnitude of the operations of the applicant, not to exceed the sum of $5,000.00 in which this state shall appear as the insured. If the department orders the filing of a bond
or the posting of a cash deposit, a person injured by an unlawful act or omission of the applicant may bring an action in a proper court on the bond
or a claim against the cash deposit for the amount of the damage suffered as a result to the extent covered by the bond
or cash deposit.
History: 1980, Act 299, Imd. Eff. Oct. 21, 1980
Popular Name: Act 299
© 2020 Legislative Council, State of Michigan