Details for the trust balance and continuous security

Regulation 3402 bases the minimum on the maximum dollar value of trust funds held as trustee during the twelve months ending October 31 before the calendar year covered. Its table ranges from $50,000 to $200,000. Use the highest balance, not merely the closing balance or the value of new contracts sold.

Confirm the applicable table entry and any individual direction with the Commissioner. Subject to the $200,000 cap, the Commissioner may require a larger sum for the seller's circumstances. A multi-year or continuous document does not remove the annual review of the required sum.

The selected form is continuous. Surety cancellation requires 30 days' written notice to both the principal and the Commissioner's office, with the clock beginning when the office receives the notice. Losses occurring while the bond was in effect remain covered subject to its terms; cancellation does not erase earlier liability.

The form's aggregate limit excludes interest accruing on claims paid late under its 90-day payment provision. Do not read the stated sum as a fresh allowance for every consumer or an assurance that every commercial claim qualifies.

The application asks for an original bond, the surety's claim contact, the principal office, additional locations and where records and consumer funds are held. An accepted irrevocable letter of credit is an alternative under the regulation, but Purchase Now here opens the bond application. Complete the license filing rather than treating the purchase receipt as authorization to sell.