Oklahoma Administrative Code
Title 260 - Office of Management and Enterprise Services
Chapter 135 - Service Oklahoma
Subchapter 3 - Licensed Operators
Part 1 - GENERAL REQUIREMENTS, DUTIES AND RESPONSIBILITIES
Section 260:135-3-3 - Bond requirements

Universal Citation: OK Admin Code 260:135-3-3

Current through Vol. 42, No. 1, September 16, 2024

(a) Faithful performance surety bond or cash bond required. During the first year of operation, a Licensed Operator shall obtain a faithful performance surety bond or cash bond in the amount of Thirty Thousand Dollars ($30,000.00) or in such additional amount and form as required by Service Oklahoma.

(b) Oklahoma Licensed operator indemnity fund.

(1) All licensed operators who have been in office at least one year are assessed annually by the Department of Central Services for payment into Oklahoma Licensed Operator Indemnity Fund. The assessment amounts are set by statute.

(2) New licensed operators are not assessed for the Indemnity Fund until they have been in office for one year. New agents must maintain separate surety bonds during their first year of operation.

(c) Proof of bond required prior to application for appointment. A commitment by the bonding company to issue the required bond in the amount specified by Service Oklahoma or an affidavit that the applicant will provide a cash bond, must be attached to the application for the license to operate a designated Service Oklahoma location.

Disclaimer: These regulations may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.