§503B-8 Bond. (a) Each commissioner forthwith and before entering upon the duties of the commissioner's office shall execute at the commissioner's own expense an official surety bond or deposit with the lieutenant governor a cash bond, which in either case shall be in the sum of $10,000. Each bond shall be approved by the office of the lieutenant governor.
(b) The obligee of each bond shall be the State and the condition contained therein shall be that the commissioner will well, truly, and faithfully perform all the duties of the commissioner's office that are then or may thereafter be required, prescribed, or defined by law or by any rule made under the express or implied authority of any statute, and all duties and acts undertaken, assumed, or performed by the commissioner by virtue or color of the commissioner's office. The surety on any surety bond shall be a surety company authorized to do business in the State. After approval, the bond shall be deposited and kept on file in the office of the lieutenant governor. The lieutenant governor shall keep a book to be called the "bond record", in which the lieutenant governor shall record the data in respect to each of the bonds deposited and filed in the lieutenant governor's office.
(c) A commissioner who files a cash bond may cancel the bond by giving thirty days notice in writing to the lieutenant governor; provided that the security for the bond shall not be returned for a period of six years after the effective date of cancellation of the bond or upon posting a surety bond meeting the requirements set forth in this section, whichever shall occur first. [L 2013, c 277, pt of §1; am L 2016, c 78, §5]