§ 2418. Surety
TITLE 9: VEHICLE CODE DIVISION 2: REGISTRATION AND LICENSES § 2418. Surety. (a) All commercial driver education programs shall file with the approving authority evidence of surety company bond for the protection of the contractual rights of students obtained from a company licensed to do business in the Commonwealth. (1) Evidence of surety shall be in the form of a certified copy of the origi- nal surety from the bonding company with the proviso that the bond may not be canceled or terminated, except upon a minimum of thirty days prior written notice to the Commissioner. (b) Commercial driver education programs shall maintain bonding in the amounts of at least: (1) Aggregate liability of the surety for all breaches not to exceed the prin- cipal sum of $100,000.00. (c) Certification of a program is automatically terminated upon the date of cancellation of surety bond. (1) Certificates terminated under this subsection shall be surrendered to the Commissioner within ten days from the date the bonding was canceled. (2) A program whose certification was terminated under this subsection may reapply for certification upon meeting the bonding requirements. Source: PL 15-25, § 2 (2408), modified.
Source: CNMI Law Revision Commission