§ 33-22-5. Minimum capital requirements; deposit of securities or filing of bond

GA Code § 33-22-5 (2018) (N/A)

Copy with citation

Copy as parenthetical citation

(1) Shall possess and thereafter maintain a minimum balance of at least $5,000.00 in his capital account as shown in his annual report to the Commissioner; provided, however, the Commissioner shall in his discretion require such higher amounts of capital as he deems necessary for the protection of the public; and

(2) Shall deposit with the Commissioner securities acceptable to the Commissioner in the amount of $25,000.00; or

(3) Shall file with the Commissioner a bond, to be approved by the Commissioner and made payable to the Commissioner or his successor in office, executed by the applicant as principal and by a corporate surety authorized to do business in this state in the penal sum of $25,000.00, conditioned that the licensee will conduct his business in accordance with this chapter and the laws of this state and that the licensee will properly account for all moneys collected in connection with this chapter and the laws of this state. The bond shall remain in full force and effect until the surety is released from liability by the Commissioner or until the bond is canceled by the surety and the bond shall not be canceled or terminated unless prior to the cancellation or termination 30 days' written notice is filed with the Commissioner.

Previous Section

§ 33-22-4. Investigation of applicants for licenses; issuance or denial of license generally; hearing; grounds for issuance or denial

Next Section

§ 33-22-6. Grounds and procedure for revocation, suspension, or nonrenewal of license or imposition of probation or fine