§ 24A-104. Bond required.

(a)

As a condition precedent to the issuance of a license every person required to be licensed under this Subtitle as an operator of a television and radio equipment repair facility shall deliver to the Director a receipt for a cash bond received from the County Director of Finance or a corporate bond executed by a surety company qualified to do business in the State of Maryland in the amount of Two Thousand Dollars ($2,000.00).

(b)

The cash or corporate bond shall run to the County and shall be conditioned that the licensee shall pay any judgement rendered against him by any court of competent jurisdiction as a result of services rendered or materials supplied in connection with the operation of the licensee's television and radio equipment repair facilities as required to be licensed under the provisions of this Subtitle.

(c)

Any person who has been awarded a final judgement from any court of competent jurisdiction as a result of services rendered or materials supplied by a person required to be licensed under this Subtitle shall have a right of action against such bond for the recovery of money, or damages, or both, in any court of competent jurisdiction. In the event that the judgement is not satisfied after the judgement holder has made reasonable efforts to execute on the judgement, the County, on behalf of the judgement holder, may make demand on the surety company for the maximum amount of the bond or the amount of the judgement obtained plus interest and costs, whichever is less.

(d)

Cash bonds shall be deposited with the County Director of Finance and he shall issue duplicate receipts therefore. Such cash bonds shall be maintained by the County Director of Finance in a special, interest-bearing account for three (3) years after the date of the expiration of the license or the date of the expiration of any renewal period for which such bond was deposited by the licensee. If the County Director of Finance is notified in writing that a suit has been filed against any such licensee as a result of which a judgement may be payable out of such cash bond, the County Director of Finance shall retain such cash bond until such time as such suit has been reduced to judgement and the period for filing an appeal from such judgement has expired or the judgement debtor has waived in writing his right to take an appeal or until such time as such suit has been otherwise disposed of.

(e)

Every person required to be licensed under this Subtitle who has deposited a cash bond with the County Director of Finance shall be entitled to a return of reasonable interest earned on such cash bond by the County in an amount not to exceed four percent (4%) simple interest per annum.

(f)

The failure of any person licensed under the provisions of this Subtitle to maintain at all times the cash or corporate bond in the amount required by this Section shall constitute grounds for the revocation of such person's license by the Director in accordance with the procedures set forth in Section 24A-109 of this Subtitle. In the case of both cash and corporate bonds, a total amount of not less than Two Thousand Dollars ($2,000.00) for the aggregate of all claims shall be sufficient to satisfy the bonding requirements of this section.

(CB-5-1974)