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17-11-324. Bond, insurance, or personal surety.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-11-324. Bond, insurance, or personal surety.
(a)(1)(A) Before the certificate of authority is issued, the applicant shall file with the Arkansas Abstracters' Board a bond approved by the board conditioned upon the payment by the applicant of any and all damages that may be sustained by or may accrue to any person, firm, or corporation for whom the applicant may compile, make, or furnish abstracts of title by reason of or on account of any error, deficiency, or mistake in any abstract or certificate, or any continuation, made or issued by the abstracter over its authorized signature and seal.
(B) The bond shall be written by a corporate surety or other company issuing such bonds licensed and authorized to do business in this state.
(2)(A) The bond shall remain in full force and effect for a period of one (1) year and may be renewed annually by a continuation certificate.
(B) However, no continuation certificate shall operate to increase the penal sum of the bond beyond the limits established in this section.
(3)(A) The penal sum of the bond shall be dependent upon the aggregate population, according to the latest federal census, of all counties in which the applicant proposes to conduct the business of abstracting, as follows:
If the population is: The penalty of the bond shall be: Less than 25,000 $ 5,000 More than 25,000 but less than 50,000 10,000 50,000 but less than 100,000 15,000 100,000 but less than 200,000 20,000 Over 200,000 25,000
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(B) No person, firm, or corporation shall be required at any time to have in force and effect and filed with the board valid bonds in excess of the penal sum of twenty-five thousand dollars ($25,000).
(b)(1) In lieu of the bond or bonds provided for in subsection (a) of this sect
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-11-324
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:17-11-324
Source file: gov.ar.code.title.17.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 33a5167c16282870b8c5ba49917d7caf82a4f6b3da7afb206ed6e45f037ef318
Source location: content.xml paragraph 676
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17-11-324. Bond, insurance, or personal surety.
(a)(1)(A) Before the certificate of authority is issued, the applicant shall file with the Arkansas Abstracters' Board a bond approved by the board conditioned upon the payment by the applicant of any and all damages that may be sustained by or may accrue to any person, firm, or corporation for whom the applicant may compile, make, or furnish abstracts of title by reason of or on account of any error, deficiency, or mistake in any abstract or certificate, or any continuation, made or issued by the abstracter over its authorized signature and seal.
(B) The bond shall be written by a corporate surety or other company issuing such bonds licensed and authorized to do business in this state.
(2)(A) The bond shall remain in full force and effect for a period of one (1) year and may be renewed annually by a continuation certificate.
(B) However, no continuation certificate shall operate to increase the penal sum of the bond beyond the limits established in this section.
(3)(A) The penal sum of the bond shall be dependent upon the aggregate population, according to the latest federal census, of all counties in which the applicant proposes to conduct the business of abstracting, as follows:
If the population is: The penalty of the bond shall be: Less than 25,000 $ 5,000 More than 25,000 but less than 50,000 10,000 50,000 but less than 100,000 15,000 100,000 but less than 200,000 20,000 Over 200,000 25,000
Click to view table.
(B) No person, firm, or corporation shall be required at any time to have in force and effect and filed with the board valid bonds in excess of the penal sum of twenty-five thousand dollars ($25,000).
(b)(1) In lieu of the bond or bonds provided for in subsection (a) of this section, the applicant may file proof with the board that he or she carries abstracters' liability insurance in such a sum as would be required using the population scale in subdivision (a)(3)(A) of this section.
(2) The proof shall be the filing of the actual policy or a certificate showing the issuance thereof by the insurance company.
(c)(1) In lieu of bond or bonds or liability insurance provided for in subsections (a) and (b) of this section, the applicant shall have the right to file with the board a personal surety bond in such a sum as would be required using the population scale in subdivision (a)(3)(A) of this section, made in favor of any person or client that may suffer a loss for which he or she is liable, which shall be accepted in lieu of the insurance policy.
(2) The personal bond shall have the signatures of at least three (3) other persons thereon whose total net worth shall be at least three (3) times the total amount of the personal bond.
(3) The applicant shall pay for the actual cost of the credit reports on the bondsmen.
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