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(a) Any person who applies for a license to engage in a check cashing business shall post, together with the application, a bond to vouch for full compliance with the provisions of this chapter and any rules or regulations promulgated thereunder. Said bond, which shall be in the amount of twenty-five thousand dollars ($25,000), shall respond to any person, including OCFI, if the applicant intends to conduct business in only one office. For every additional office, the bond shall be increased by five thousand dollars ($5,000). However, the Commissioner may require a higher bond based on the licensee's volume of business and his/her financial situation. The bond shall be renewed every year.\nWithin the terms and conditions of each surety bond, it must be specified that such bond shall respond for claims brought by any person, including OCFI, for a period of not less than five (5) years from the date on which the facts that prompted such claim took place.\n(b) The bond shall be posted with the Office of the Commissioner and may consist of:\n(1) A bond issued by an insurance company authorized to conduct business in Puerto Rico, which shall be subject to cancellation only through

d with the Office of the Commissioner and may consist of:\n(1) A bond issued by an insurance company authorized to conduct business in Puerto Rico, which shall be subject to cancellation only through written notice to the Commissioner within not less than thirty (30) days prior to such cancellation;\n(2) bonds, notes, or other evidence of indebtedness of the Commonwealth of Puerto Rico, its municipalities and public corporations; Provided, That the same shall be accepted at eighty percent (80%) of their market value at all times, or\n(3) certificates of deposit issued by banks authorized to conduct business in Puerto Rico.\n(c) Securities deposited as bond may be registered, with regards to their principal, in the name of the applicant, and the same must be accompanied with a separate endorsement, including a description of the endorsed securities, in the name of the Secretary of the Treasury. Certificates of deposit shall be assigned to the Secretary of the Treasury and the funds shall not be withdrawn without the express authorization of the Commissioner.\nHistory —Sept. 21, 2010, No. 136, § 4.4, eff. 60 days after Sept. 21, 2010.