LAC 46:LXVII.5503. Surety Bonds

A. Applicants for certification as a real estate education vendor shall submit proof of a five thousand dollar ($5,000) surety bond issued by an insurance company that is authorized to conduct business in Louisiana. B. Bonds shall be in favor of the state of Louisiana and conditioned for the protection of the contractual rights of students who attend real estate courses offered by the real estate education vendor. C. Bonds shall remain effective and in force throughout the certification period of the real estate education vendor D. Proof of bond renewal shall be provided to the commission annually. E. Failure to maintain a bond shall be cause for revocation or suspension of a certification.