Section 340. When new or additional bond or security required; cancellation of certificate of registration

In the event that liability upon the surety bond or other security filed by a rentor with the commissioner shall be discharged or reduced, whether by judgment rendered, payment made, or otherwise, or if it is the opinion of the commissioner that any surety on the bond has become unsatisfactory or unacceptable, the commissioner may require the filing of a new bond with like surety and in the same amount, or, in lieu thereof, other security, as provided in 24VAC20-100-330. The commissioner shall forthwith cancel any rentor's certificate of registration for failure to comply with this requirement.

Historical Notes

Derived from VR485-60-8701 § 6.5, eff. January 1, 1987; amended, Volume 13, Issue 22, eff. July 1, 1997.

Statutory Authority

§ 58.1-2421 of the Code of Virginia.