49 Pa. Code § 36.455 - Maintenance of surety bond or letter of credit
(a) If the rating of a bank that has issued a
letter of credit falls below the minimum ratings required under §
36.451(c)
(relating to requirements for surety bond or letter of credit), a registrant
shall replace the letter of credit within 45 days from the date of the
substandard rating decline with a new letter of credit that satisfies the
requirements of §
36.451.
(b) If a letter of credit is not replaced
within 45 days of the substandard rating decline, the Department has the
discretion to draw on the letter of credit and deposit the proceeds with the
State Treasurer to secure the registrant's liability and to begin proceedings
under AMCRA, this subchapter and
2
Pa.C.S. §§
501-508 and
701-704 (relating to
Administrative Agency Law) to suspend or revoke the registrant's authority to
perform appraisal management services in this Commonwealth.
(c) If a bank makes a payment upon a letter
of credit issued to fulfill the requirements of AMCRA or this subchapter, the
registrant shall obtain additional security within 45 days of the date of
payment in the form of an additional letter of credit in an amount sufficient
to maintain the minimum amount required under AMCRA or this subchapter,
whichever is greater.
(d) If a
surety makes a payment upon a bond issued to fulfill the requirements of AMCRA
or this subchapter, the registrant shall obtain additional security within 15
days of the date of payment in the form of an additional surety bond in an
amount sufficient to maintain the minimum amount required under AMCRA or this
subchapter, whichever is greater.
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.