§ 19-14.3-2 Securities in lieu of bonds.
In lieu of the required surety bond or bonds, or of any portion as required by
chapter 14, the applicant may deposit with the director or the director's
designee with the financial institutions, credit unions or national banks in
this state that the applicant may designate and the director or his or her
designee may approve, United States government/agency obligation or state
obligations, to an aggregate amount, based upon principal amount or market
value, whichever is lower, of not less than the amount of the required surety
bond. The securities shall be deposited and held to secure the same obligations
as would the surety bond, but the licensee shall be entitled to receive all
interest and dividends thereon, shall have the right, with the approval of the
director or the director's designee, to substitute other securities for those
deposited, and shall be required to substitute securities on the written order
of the director or the director's designee.
(P.L. 1995, ch. 82, § 55.)