03. Surety bond requirements for telephone solicitors. (a) The application for registration or renewal shall be accompanied by a surety bond in the amount of $50,000. The bond shall provide for the indemnification of any person suffering a loss as the result a violation of this subchapter. (b) The surety may terminate the bond upon giving a 60-day written notice to the principal and to the Mayor. (c) Unless the bond is replaced by that of another surety before the expiration of the 60-day notice of cancellation, the registration of the principal shall be treated as lapsed. (Dec. 1, 1982, D.C. Law 4-164, § 126c; as added June 8, 2001, D.C. Law 13-301, § 102, 47 DCR 7039.)
District of Columbia Legal Code