SECTION 160:65-5-1. Bond requirements

  The Administrator shall prescribe and approve forms for the maintenance of bonds required under the Code [14A:3-503(3)]. No bond shall be effective until received and accepted by the Administrator. Any person who seeks the termination or cancellation of any bond filed or maintained under the Code shall make written application to the Administrator thirty (30) days before the effective date of the termination or cancellation. The statement shall specify the justification for the termination or cancellation of the bond. If the Administrator approves the termination or cancellation of the existing bond, a new bond shall be filed and accepted by the Administrator before the existing bond is terminated or cancelled for the licensee to continue to operate.

[Source: Added at 16 Ok Reg 2184, eff 6-25-99]