58-69-50. Authority for qualified surety companies to guarantee certain arrest bond certificates.
(a) Any domestic or foreign surety company that is authorized to do business in this State may become a surety, by filing with the Department an undertaking to become a surety, in an amount not to exceed one thousand five hundred dollars ($1,500) with respect to each guaranteed arrest bond certificate issued by a motor club.
(b) The undertaking shall be in a form to be prescribed by the Department and shall state:
(1) The name and address of the motor club or clubs with respect to which the surety company undertakes to guarantee the arrest bond certificates.
(2) The unqualified obligation of the surety company to pay the fine or forfeiture, in an amount not to exceed one thousand five hundred dollars ($1,500) of any person who, after posting a guaranteed arrest bond certificate which the surety has undertaken to guarantee, fails to make the appearance for which the guaranteed arrest bond certificate was posted.